The Use of Experts in High-Asset Divorce Cases
Expert Witnesses in High-Asset Divorce Cases
A high-asset divorce can be complex and contentious, involving many varied factors that need to be carefully evaluated. In most cases, high-asset divorces require the use of expert witnesses to accurately assess the value of marital assets. Expert witnesses can also be used to help uncover evidence or hidden assets, calculate either party’s income, or help sell assets like the marital home. Below we discuss the types of experts typically used in high-asset divorces.
Financial experts can evaluate both the current and future financial positions of a couple during a divorce settlement. Accounting professionals may also be helpful in determining income sources such as wages, investments, or rent payments so that a fair division of assets can be established. Financial experts can also provide advice on tax considerations when dividing assets.
Certified Public Accountants (CPAs) & Certified Financial Planners (CFAs)
CPAs and CFAs are trusted advisors for individuals and family lawyers who handle high asset divorce cases. They provide invaluable assistance in organizing, verifying, and analyzing financial information that is necessary for court proceedings.
You can also retain a CPA or CFA if you would like help with:
- Calculating child support
- Calculating gains and losses on investment accounts (i.e. concerning wasteful dissipation accusation or lost income)
- Calculating spousal income and expenses
- Identifying and valuing marital and separate assets
Forensic accounting is an essential tool in resolving complex divorce cases, particularly those involving high-net-worth clients. A forensic accountant specializes in analyzing financial records, detecting irregularities, and uncovering hidden assets. Their expertise can be invaluable in helping attorneys and clients navigate the often-complicated financial aspects of divorce proceedings.
In high-net-worth divorces, it is not uncommon for one spouse to attempt to conceal assets from the other. This may involve transferring funds to offshore accounts, creating shell companies, or holding assets in the name of a third party. A forensic accountant has the skills and experience to investigate these tactics and identify undisclosed assets, ensuring a fair distribution of marital property.
Business Valuation Experts
When one spouse owns a business or has significant business interests, it is important to have an expert who can accurately evaluate its worth and potential for growth over time. Business valuation experts will consider all aspects of the business’s operations including financial statements, customer base, market share, industry trends and more before determining its value.
This is an important step in any high-asset divorce case because it will ensure an equitable distribution of funds between spouses if the business is split up as part of the settlement agreement. While a forensic accountant can conduct a business valuation, there are other professionals who can do your valuation, including:
Real Estate Appraisers
If there are real estate properties involved in a high-asset divorce case, it is essential to have an appraiser on hand to determine their true value before any decisions about ownership or division are made. A real estate appraiser will consider factors such as location, property condition and size before making their determination so that both parties have an accurate understanding of what is being divided up during the negotiation process.
Vocational experts offer an invaluable service to help determine the earning potential of a spouse during divorce proceedings. Through their investigations, they can identify and assess in-demand skills relevant to career trajectories that may have otherwise been overlooked. Skilled insight from vocational professionals empowers both parties with knowledge needed for equitable negotiations process.
Private investigators are invaluable allies in high asset divorce cases. Their comprehensive training equips them with the skills to root out and verify facts, even when one party is trying to conceal or manipulate information; providing insurance companies, attorneys, and litigants alike with a powerful tool for uncovering critical details relevant to their case.
Private investigators are an essential part of family law. They work to uncover details about a spouse's financial situation and other assets, whether deliberately concealed or not. Lawyers also enlist their help when establishing maintenance payments for clients due to claims of cohabitation — aiding in the pursuit of justice for loved ones affected by divorce cases.
Experienced High-Asset Divorce Attorney
Navigating through a high-asset divorce case can be tricky due to all the variables involved in determining what each spouse should receive after separation. That is why having access to different types of expert witnesses is important—they provide insight into areas like finance and business that are otherwise not easy for lay people to understand without specialized knowledge or experience in those fields. If you or someone you know is considering filing for a high asset divorce or has already started down this path, then make sure you seek out qualified experts who can help make sure everything goes smoothly throughout this process!
At Dale L. Bernstein, Chartered Law Office, our attorney is backed by decades of legal experience and has a professional relationship with many distinct types of experts. If you or a loved one is filing for divorce, you want Attorney Bernstein in your corner.
Call (727) 312-1112 to schedule a consultation today.