Navigating Divorce: The Importance of Financial and Appraisal Experts
Posted on November 5, 2024 by Desiree Good
Divorces are stressful and emotionally challenging. Amidst feelings of loss and uncertainty, there are practical matters that require careful attention, especially when it comes to financial assets. In addition to having a strong family law attorney on your side, you will likely need experienced financial and appraisal experts as well. Experts provide essential support during your divorce by helping navigate the complexities of asset characterization, valuation, and other financial issues.
Understanding the Role of Financial Experts
Financial experts play a crucial role in divorce proceedings. If you or your spouse own a business, a financial expert will assist you and your attorney with establishing its value. Financial experts can also assist with tracing your separate interest in property, valuing RSUs, options, and stock awards, and analyzing income for purposes of spousal support. It is also prudent to hire a financial expert to review your spouse’s expert report or valuations, so you are fully prepared to negotiate financial terms with your spouse at mediation and/or present your case at trial.
The Importance of Appraisal Experts
Professional appraisers are essential for valuing the various assets you may have, including real estate, art or other valuable property. Their role in the divorce proceeding is to provide neutral, substantiated opinions about the fair market value of your property. Typically, a home is one of the largest assets in a divorce. Understanding the value of the home is imperative if you or your spouse intend to retain a property and buy out the other spouse’s share. Expert appraisals provide you and your legal team with leverage in negotiations with your spouse.
How to Find Qualified Experts
A knowledgeable family law attorney regularly works with experts that are qualified to prepare reports and testify in your case, as needed. They will connect you with proposed qualified financial and appraisal experts that they believe are best for your case. A good expert will communicate clearly and collaborate with your attorney to provide the best outcomes. Ultimately you will want to work with an expert who is experienced, knowledgeable, and can assist you with negotiations in an effort toward settlement. If you and your spouse are unable to agree, it is important that the expert is experienced with testifying in court and able to assert and defend their valuation or expert opinions at trial.
Conclusion
Navigating the financial aspects of a divorce can feel overwhelming, but you do not have to face it alone. A knowledgeable family law attorney can help you enlist the support of credible and skilled financial and appraisal experts, ensuring you have a strong team on your side. The lawyers of Lasher’s Family Law Practice Group are here to assist.
