In many family law cases, we encounter the issue of financial experts, particularly where the parties have been married for a substantial period of time. They’ve acquired a lot of assets or property. They have a lot of accounts, or maybe where one of the parties has been a self employed business entrepreneur and has developed his or her own business. There’s different kinds of financial experts in many of these cases. I want to talk to you a little bit about that. When folks have a home and they need to determine what the value of that home is in their divorce, they usually need a real estate appraiser to do that.
I had one case where the parties had an extensive art collection from all over the world and they needed someone to give them a value of their art. Another kind of expert we use often in these cases is called a forensic CPA or a forensic accountant. These kinds of experts are familiar with the tax code, they’re familiar with how to calculate present value for the determination of division of property, such as retirement accounts and pension accounts. They can prepare what they call marital spreadsheets which will be a document in a spreadsheet like an Excel spreadsheet that will state what the parties own and what all of their accounts are including bank and retirement accounts and what their debts are, and to determine what the best way would be to divide the marital estate. Experts are extremely valuable in certain family law cases, and I urge you to talk to your lawyer about whether you need those kinds of experts or not.
Contact Shayne Law if you have any questions.