Importance of Experts for High Net Worth Divorce Cases

 Posted on December 15, 2015 in Divorce

High net worth divorce cases often have complicated finances that need to be evaluated before any agreement for dividing the assets can be reached. Even when a couple is deeply involved in the management of their assets and income, experts are usually needed in a divorce.

The Types of Experts You May Need

A divorce may have several different issues at stake. Couples frequently fight over parenting time, child support, spousal maintenance, and the marital assets. The court will often appoint a custody evaluator to deal with parenting time issues. However, both sides frequently hire experts to deal with the money issues.

Forensic accountants are used to evaluate the marital assets. They will dig into the records and statements to make sure all the property is accounted for. Forensic accounts not only look for hidden assets, but they also make sure assets are properly valued.

When there is a business involved, a forensic accountant may not be enough. A business valuation expert familiar with the particular industry may be needed. Sometimes the biggest assets a business has do not appear on the balance sheets-the value of the brand and the goodwill of the business need to have a dollar tag attached to them for the purposes of the divorce.

Other experts may be needed to evaluate the financial opportunities available to the spouses after the marriage. This can have an impact on the court's decision to require spousal maintenance.

The Different Roles Experts Play

Experts play different rules in a high net worth divorce. Some experts are primarily tasked with preparing reports and building a case for one side's proposed property division plan. These experts may need to testify in court to explain their reasoning, methodology and conclusions. Since often both sides will have experts testify, the ability of an expert to be convincing under questioning is important.

Other times experts will play a role closer to that of private investigator. When there is reason to believe one side is hiding assets or downplaying the value of some of the assets, experts like forensic accounts scour the records to find the truth. These experts will also often be required to testify in court.

If you have questions about property division, business valuation in divorce cases, or any other family law question, please speak with an experienced and skilled professional right away. Call a DuPage County divorce attorney at The Stogsdill Law Firm, P.C. today at 630-462-9500.

Source:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6100000&SeqEnd=8350000