If you are planning your divorce, your attorney will provide you with valuable legal assistance. However, having legal representation might not be enough. Dividing up marital property is a crucial part of just about any divorce. Sometimes when couples own many assets or have complex estates, they need additional help so they can properly split their assets between them.
When a couple seeks to divide their property, they need to know how much their property is worth. They cannot simply guess at the value. As Forbes explains, divorcing couples may enlist the help of forensic experts to valuate the property and provide court testimony when needed.
Hiring particular experts
Divorcing couples may own properties like homes and businesses, or assets like artwork, jewelry, clothes, furniture or antiques. Depending on what assets you own, you may need a forensic expert or appraiser that specializes in a certain kind of property to determine their value. For example, if you own intellectual property, such as artwork or an audio video work, you may hire an expert who understands copyrights and trademarks to assist you.
Hiring multiple experts
Sometimes a divorce case becomes too complicated for one appraiser to handle. In some cases, couples may have rare art that many appraisers are not familiar with. It may take an appraiser with special expertise to provide the right value. In these situations, a couple may hire an expert to survey the overall gallery, followed by appraisals from one or more specialists for particular works of art.
Establishing separate property
In addition to evaluating marital property, forensic experts can help you identify property that is yours alone. Some forensic experts specialize in analyzing cash flows. You could have one of these experts analyze how you bought your property and establish that no marital funds paid for it. This might establish that your spouse has no claim to the property and prevent a court from dividing it up as part of the settlement.