People of substantial means commonly engage numerous experts when they get divorced. Disputes may arise regarding alimony, the division of financial assets, child custody and parenting-related decisions. Either party can ask a judge to consider the testimony of experts who look at everything from the value of real estate property to the impact of a living arrangement on a child’s well being.
What types of experts may be relevant to your case? The most common area for expert testimony is asset valuation. Business and real estate valuation experts and forensic accountants may present technical information pertaining to a specific subject. For example, experts may be required to determine the accurate value of a piece of real estate, or the accuracy of the financial disclosure that your spouse has made to the court.
As you begin the process of dissolving your marriage, be mindful of the value expert witnesses could present in settling disagreements or having a judge rule in your favor.
Why expert witnesses are important in high-asset divorce
Expert witnesses provide procedural or scientific knowledge based in a specialized area to assist the court in reaching a ruling in your case. Before testifying, they need to prove their expertise to the court.
They speak to complex matters such as:
- The financial value of a business or professional practice
- The value of real estate properties and holdings
- Any hidden assets your spouse may have
- The psychological and developmental needs of your children
- The earning capacity of a spouse who has previously stayed at home could potentially earn (vocational experts)
Depending on the unique circumstances of your divorce, the engagement of one or more experts may impact whether you achieve your objectives in the context of a fair or favorable outcome.