One of the most important aspects of any divorce is dividing the marital estate, and the larger the estate, the more difficult it can be to accomplish this task successfully. In a high asset divorce with high net worth individuals, financial experts can prove invaluable for working through the nearly inevitable complex challenges that surface.
High Asset Divorce Tips
Rather than trying to comb through assets with the risk of error, many divorce attorneys and their clients with large assets will opt to hire a financial expert to step in. There are two types of financial experts used in these types of divorces:
- Valuation experts are employed to determine the value of a property or asset, including homes, businesses, items of personal property, collectibles, and more.
- Forensic accountants assess the finances, tax history, and incomes of the parties.A few things that a forensic accountant can help with are:
- Assessing the financial implications of a settlement agreement
- Taking stock of any valuables owned by the parties
- Looking for hidden assets
- Reviewing the parties’ financial documents for inconsistencies or patterns. A forensic accountant will give your financial documents a full and thorough review, including tax returns, account statements, deeds, stocks, etc.
Third-party financial experts are extremely beneficial for both parties in a high net worth divorce and will help avoid the need to go to court in the future to correct a misstep taken during the divorce. Whether your divorce is high net worth, or whether you simply have complex finances, financial experts may be crucial to organizing and presenting your case.
Facing a financially complex divorce? Protect your share of the assets by contacting the attorneys at OWENS & PERKINS by clicking here or by calling our office at 480.994.8824 to schedule your FREE 30-minute legal consultation.