When engaging in divorce litigation, it is common practice to divide all assets equitably. This process is known as equitable distribution. In order to divide assets, it is important to identify all assets and their values. To ensure all property is accurately identified and valued, it is often useful to hire specialized experts to review and assign a value to the assets. These experts can be retained by either party or jointly retained by both parties. The following experts are commonly utilized in valuing assets for purposes of equitable distribution:
A forensic accountant can play a crucial role in uncovering hidden assets that the opposing party may fail to disclose. They can trace and locate marital funds that may have been moved around, as well as analyze and break down complex financial assets. Forensic accountants can assist with examining and evaluating tax returns, bank statements, and other financial documents to determine their true value.
With the rise of digital assets, cryptocurrency is becoming much more common, but it can be extremely difficult to understand and track. Cryptocurrency experts are similar to forensic accountants, but specialize in cryptocurrency and can help with tracking crypto transactions, identifying wallets, and determining the value of digital assets.
Real estate is often the most valuable asset in equitable distribution. A real estate appraiser can assist with providing a fair market value of the parties’ marital residence, rental property, and/or commercial property. It is common practice for both parties to jointly retain a real estate appraiser, which can produce the same result for half the price.
Along with real estate and financial accounts, personal property such as artwork, jewelry and antiques are part of the parties marital estate. Depending on the item, it can be beneficial to obtain an appraisal to determine its actual value. Appraisals can be used for anything from a coin collection to an antique car.
When one or both spouses own a business, a certified business valuator may be essential. A business valuator will assess the value of the business by analyzing financial statements, market value, similar businesses, etc. Determining the value of the business can then ensure an equitable distribution, whether the business is sold, divided between the parties, or retained by one spouse.
Depending on the asset, it may or may not be worth hiring a specialized expert to value said asset. These expert fees can potentially break the bank and you may end up discovering an asset that you thought was extremely valuable has little to no value. On the other hand, you may discover the marital estate is worth much more than expected.
To ensure a fair and accurate division of your marital assets, contact our experienced divorce attorneys to help you navigate equitable distribution with the right financial experts by your side.
The information contained in this publication should not be construed as legal advice, is not a substitute for legal counsel, and should not be relied on as such. For legal advice or answers to specific questions, please contact one of our attorneys.
Gia focuses her practice primarily on matrimonial law, including divorce, custody and visitation, support, mediation, adoption, and protection from abuse. Gia enjoys being challenged and solving problems. She is dedicated to supporting...
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