Where Spouses Try to Hide Their Assets

The party guilty of hiding assets and income during a marital dissolution proceeding is usually the spouse who is the major breadwinner, runs a business or handles the family finances. One of the valued tasks of a Forensic Accountant representing the more dependent party is to look for and uncover any hidden assets of the…

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Double Dipping and Breach of Attorney Standard of Care

In the practice of Family Law, it is the attorney’s duty to inform clients of all reasonably evident legal issues or problems and to surpass his scope of representation when necessary, including recommending consultations with other professionals, such as Forensic Accountants. Falling within this sphere of responsibility includes advising clients concerning the potential of double…

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Why So Many Documents for a Business Valuation (Part 3)?

Documents Needed for Incorporated Businesses There are specific documents concerning corporations that Forensic Accountants frequently request to review in a dissolution matter. Typical ones include articles of incorporation, by-laws, corporate minutes, stock certificate books, stock ownership lists, organograms and job descriptions of key officers. Articles of incorporation: Forensic Accountants want to know when the company…

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Why So Many Documents for a Business Valuation (Part 2)?

In the previous issue of Forensic Accounting Today, I consisely clarified the key reasons why Forensic Accountants request certain documents for business valuations. These included financial statements, tax returns, general ledgers and journals, paid bills, bank statements, canceled checks and brokerage statements, income tax audits, and stockholder and director minutes. (If you do not have…

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Why So Many Documents for a Business Valuation?

The valuation and distribution of marital property is typically one of the most difficult and arguable issues to be dealt with in a divorce proceeding. The process can become considerably more complicated and expensive when the marital community owns an interest in a business. In such cases, a Forensic Accountant is often hired by the…

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Potential Consequences of Hiding the Ball

The fiduciary duty of each party involved in the dissolution of a marriage requires full disclosure of documents and information that are pertinent to their case without being requested. This obligation includes the distinct nature and valuation of all assets and debts in which the community has or could have an interest or for which…

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