New Jersey Divorce Litigation
Matrimonial and Divorce
New Jersey divorce accountant Robert A. Bonavito, CPA, A Professional Corporation, can assist with in-depth investigation and analysis of financial data for matrimonial and divorce purposes. Robert A. Bonavito, CPA, A Professional Corporation, has the experience and expertise to provide comprehensive analysis and reporting of the accounting and financial aspects involved, and work closely with New Jersey divorce litigation counsel through each step of the process, including settlement discussions and trial preparations. Our New Jersey forensic accounting firm works with attorneys and their clients to address issues such as:
- Determining the standard of living achieved during the marriage
- Identification of assets and their value
- The location and worth of hidden assets
- Marital vs. separate property
- Verifying the accuracy of financial data
- Business valuation
- Asset tracing
- Income analysis
- Net worth determinations
- Lifestyle analysis
- Assistance in determining alimony and support awards
- Participation in negotiations
- Advice on economic and tax issues
- Trial testimony
- Arbitration & Mediation
- Collaborative Law
What are the steps involved in a divorce proceeding?
Before filing for divorce, it is important to exhaust all remedies to reconcile between the parties. If it is not possible to reconcile and save the marriage the next step is to contact a New Jersey Divorce Accountant and discuss the issues concerning alimony, family assets and any valuations of businesses. Once this is done you should have an approximate idea of what your life will be like post-divorce. The next step is to get a recommendation for a good divorce lawyer from your New Jersey divorce accountant. Once you and the accountant meet with the lawyer a petition for divorce will be filed. An important part of the process is preparing a CIS (Case Information Statement)which will list all the pertinent facts of your divorce. In a divorce, your lawyer handles most of the issues involving children, visitation and other legal issues. Most of the financial issues will be handled directly by the divorce accountant with the assistance of the attorney.
How can a Forensic Accountant help with divorce litigation?
In a divorce your New Jersey Forensic accountant will handle most financial issues, these include business valuation, calculating cash flows, preparing documents and the CIS, looking for missing assets and calculating marital and post marital lifestyle. In addition, if needed your New Jersey Divorce accountant can prepare reports and testify in court on important issues.
What types of documents do I need to provide when filing for divorce?
Your New Jersey forensic accountant usually requires copies of personal and business tax returns for the last five years, copies of investment pensions stmts, asset statements, bank statements as well as a written narrative concerning the business, lifestyle and other important issues.
What happens if I am accused of hiding assets or undervaluing property?
In many divorce cases one or both parties are usually accused of hiding or diverting assets during the marriage. If you are accused of this, it is best to retain a New Jersey forensic accountant in order to help substantiate that assets are either properly reported or spent during the marriage on legitimate expenses.
What if I suspect my spouse has hidden assets?
If you are getting divorced and realize that the assets you thought you had during the marriage are not what you expected, you probably need to hire a New Jersey forensic accountant. The forensic accountant has techniques that will enable them to quickly identify if assets are missing and locate those assets. In addition to these services your New Jersey forensic accountant can prepare reports and testify in court if necessary.
Do I need to have my business appraised during divorce proceedings?
It is important to have a New Jersey business appraisal prepared by a qualified appraiser. The reason for this is you need to legally document the value of the business as of the date of divorce. The divorce will be subject to equitable distribution and must be accounted for properly. In addition, if the business was started before the date of marriage it is important to have a business appraisal as of the date of marriage. What this does is establish the increase or decrease in the value during the marriage.
Who gets control of a shared business after divorce?
In a divorce matter the person who is primarily responsible for the business typically maintains control of the company. However, the nonbusiness spouse is entitled to equitable distribution based on the valuation of the business as of the date of divorce. In effect, one party keeps the business and the other party receives his or her share of the increase in value that was obtained or earned over the duration of the marriage.
Can I buy out my spouse for full ownership of our business?
Once the value of the business is established by a reputable New Jersey business appraiser, the business owner buys out the non-business owner and maintains control of the business.
What is the difference between marital property and nonmarital property?
The difference between marital property and nonmarital property is very complicated. The general rule is that any assets earned during the marriage or any premarital asset that increased in value during the marriage is subject to equitable distribution.
Will I have to share assets acquired prior to marriage with my ex-spouse?
This is a complex area of divorce. If assets acquired prior to marriage are co-mingled with assets during the marriage, then typically these are subject to equitable distribution. In addition, under certain circumstances the increase in premarital assets during the marriage may be subject to equitable distribution. These are dependent on the facts and circumstances of the case; is best to consult with a New Jersey forensic accountant for a detailed analysis.
How much alimony will I be required to pay my spouse?
Alimony is based on many factors. Generally, alimony is based on the marital lifestyle as substantiated by your New Jersey Forensic Accountant. If your marital lifestyle is able to be properly maintained based on the expected earnings of the moneyed spouse, then that may be the amount of alimony you are awarded.
Why should I hire a New Jersey divorce accountant?
You can hire any divorce accountant you see fit. New Jersey divorce accountants are widely considered some of the best in the country. They have experience dealing with local attorneys and judges and can represent you best in a divorce.
Contact Our Firm for Assistance With Divorce Litigation
If you are contemplating divorce, turn to our firm for assistance today. Our New Jersey divorce litigation professionals will walk you through the process and evaluate your circumstances to attain the most favorable resolution for your case. Call (908) 322-7719 or contact us online to schedule a consultation today.