Will I Need a Forensic Accountant in My Morris County Divorce Action?
Any separation and divorce can be complicated, however, divorce in its simplest form is about dividing marital assets and debts in order that each spouse can continue their life free of the other. Sometimes the process can be relatively simple: house, cars, bank accounts, credit card bills. Other belongings may go to one spouse or the other without much contention, depending on who owned it before the marriage, or who cares more about owning it afterward. However, high net worth divorces faced by couples with complex financial portfolios are usually much more complicated. Even in no fault divorces and collaborative divorces, there are some assets can be difficult to divide. For this reason, the use of a forensic accountant is highly recommended.
At Townsend, Tomaio & Newmark, L.L.C., with offices in Morristown and Hackensack, our attorneys have the knowledge required to effectively address any and all divorce related issues you may face in New Jersey. We have aided numerous clients with diverse circumstances. If your case involves high net worth or high profile divorce,division of business assets, or complex property distribution, our family law professionals will fiercely advocate to achieve the best outcome. We will work to achieve an efficient, cost-effective agreement. One that can make all the difference for you in your post-divorce life. Contact us and meet your family lawyer today at 973-840-8970.
Morristown Divorce Attorneys Hire Forensic Accountants in High Net Worth Cases
In addition to basic assets, there may be stock options and restricted stock – some vested, some not –deferred compensation, complex partnerships, closely held businesses or trade secrets and practices, retirement and insurance plans, assets held in trusts of varying types and terms, multiple accounts and properties in different states or different countries. Moreover there are often tangible items of exceptional value such as art, antiques or rare collectibles all of which will need to be accurately appraised.
Quite simply, there are situations in which even your financial specialist may need expert assistance. As when fraud is a possibility, or if valuable assets such as stock options need to be precisely assessed, the specific expertise of a forensic accountant as well as an experienced and skilled divorce attorney can be critical toward assuring your full financial interest are strongly represented.
Benefits of a Forensic Accountant in Morris NJ Divorce Cases
One of the most common and complicated issues in high net worth divorces is determining both spouse’s true income. Another challenge in these types of divorces is classifying which assets are marital or separate properties. Income determinations and classification issues require expertise. In many cases, a skilled and experienced forensic accountant can provide both types of analysis to the client’s divorce lawyer less expensively and more quickly. Moreover the forensic accountant can testify with less expense to the client because the work has already been performed by the accountant.
In addition, the skilled efforts of a forensic accountant can uncover unethical practices, such as:
- Creating fake debt
- Padding payroll
- Under-reporting income
- Overpaying creditors
- Transferring assets to dummy corporations
- Purchasing expensive items with undeclared cash
Contact our Chatham Divorce Attorneys Today
The divorce attorneys of Townsend, Tomaio & Newmark have decades of experience helping clients through the divorce process throughout Morris County areas including Morristown, Chatham, Mendham, Chester, Morris Township, Harding, and all of Northern New Jersey. Our firm is large enough to handle even the most complex and demanding divorce cases while retaining the intimate and personalized experience usually only found with smaller firms.
To learn more about how to put our experience to work for you in your divorce, please contact us online or call our Whippany, NJ offices at (973) 840-8970 today for a free and confidential consultation.