Navigating a marital dissolution is never an easy process. However, owning a business while going through divorce makes the process that much more complicated. In light of this, New Jersey business owners may want to enlist the help of a forensic accountant as they proceed with the divorce process.
In general, business owners should ideally separate their personal cash and their business cash when engaging in transactions. The reason for this is that keeping these funds separated may help with the processing of valuing the business and determining the two parties’ incomes. This information has an influence on divorce matters such as asset division and alimony.
Of course, not all divorcing business owners have kept their business and personal cash separate. Fortunately, a forensic account can help the two parties to trace as well as document what they did with certain debts and assets. The accountant’s report will likely be deemed more credible than the couple’s own analysis of their business finances in court.
In addition to seeking help from a forensic accountant, people who are going through divorce would be wise to contact a family law attorney in New Jersey right away. An attorney, like an accountant, can help a divorcing individual to make informed decisions regarding his or her finances, ranging from splitting business assets to demanding alimony. The major goal of the attorney is to make sure that his or her client achieves the most personally favorable outcome considering the circumstances surrounding his or her marital breakup.