<![CDATA[Divorces can be expensive and emotionally draining when the case proceeds to trial. Attorney’s fees can quickly mount when you are unable to settle the matter prior to court. Here are some tips:
- Improve discovery and obtain full and complete disclosure. Inadequate or incomplete Discovery (obtaining copies of all financial records, credit card statements, appraisals, business records, contracts and other documentation important to obtain). This will often require subpoenaing financial institutions, employers, accounts, or other third parties to ensure that assets and income are not being hidden. This may also require a financial expert to analyze financial records and possibly a forensic account to analyze the business records.
- When valuing a business, an appraiser needs access to insider information to ensure a comprehensive analysis of the business value.
- Uncover hidden assets. Often times a spouse in anticipation of an impending divorce, will hide assets, delay bonuses, or inflate expenses until the divorce is resolved. If you suspect that your spouse is hiding assets or income, it is important to inform your attorney and your financial expert, who should extensive forensic accounting experience. Do not rely on your own opinions. It is crucial that you do not do your own asset evaluation. Rely on professional experience expertise when valuing business assets. Professional business evaluators use complicated court approved methods to value assets especially closely held businesses. Some of the methods used by these experts include the adjustable value, merger and acquisition, capitalization of earnings, and discounted cash flow methods.