A couple with a huge marital estate is, nearly by definition, more likely to face complicated problems during the division of assets during a divorce. These complications in most high-asset divorce cases mean that there is often room for significant financial considerations that are likely to be misrepresented, overlooked, or even misunderstood. These are the reasons, according to Lawrence Law Office, anyone going through such divorce should seek the help of a financial expert. Forensic accountants and valuation experts are some of the professionals who can help you protect your assets.
Why are these experts important?
One of the most complicated parts of divorce is the division of the marital estate. In a case involving high-asset divorce, the process of property division is more complex. For the estate to be divided fairly, both parties and in a litigated case, the court must know the actual value of the estate. In case an asset isn’t valued properly, or all assets aren’t accounted for, then, the final decision regarding property division is likely to leave one of the partners with far less than what they deserve.
Forensic accountants and valuation experts are very helpful in a case where one of the partners is suspected of concealing some assets. Given the complex nature of high-asset divorce cases, there is a high probability of issues like missing assets. Uncovering such assets isn’t an easy task, and you will need the help of a forensic accountant to uncover any form of wrongdoing.
Some cases involve misrepresented assets rather than missing ones. For instance, your ex-spouse may offer you a valuation of their small business that probably sounds suspiciously low. In such a case, a valuation expert can help establish the actual value of the enterprise or other assets and ensure that the marital estate is divided fairly.
Note that financial experts are not just important in high-asset divorce cases where assets have been undervalued or hidden. In a case involving assets that have been overlooked, a non-financial expert might not accurately value these assets. For example, life insurance policies might be worth a significant sum, particularly for high-worth couples.
Without a financial expert to draw attention to these issues, they can be overlooked. And as Wall Street Journal points out, some items like artwork and collectibles might be impossible for a couple to attach a particular dollar value without the help of a financial expert.
According to law and financial experts, and high-asset divorce case, an experienced family law attorney is needed. Generally, these cases are very complicated, and the legal issues involved are often sensitive. Remember, a mere mistake could send you home with nothing or far less of what you would have got if you had an attorney.
A reliable attorney can offer you legal advice and can connect you with experienced forensic accountants, valuation experts, and other financial experts you may need. That way, you can rest assured that your divorce case will end successfully.