Using Financial Experts In High Income/Asset Divorce Cases
Oftentimes, when upper-middle class parties with children divorce, they may litigate on just about everything. Surprisingly, some parties may agree on custody and parenting time, through mediation, but may proceed to trial on all financial related matters such as child support, childcare and extracurricular expenses, alimony, and division of marital assets and debts. Depending on how financially complicated matters can become, trials can last for days, as parties may unload documents showing expenses, assets, and information regarding income. If one of the spouses is self-employed, runs their own business, gets-laid off, or quits work to take care of children, the imputation of income of the parties for the purposes of calculating child support and alimony may also come into play. Sometimes, the division of some marital assets, which may include houses, retirement accounts requires a valuation to be made. While parties may try to explain these financial matters to the court, the use of qualified financial experts may be required to educate the trial judge.
For example, a parent that is staying at home and raising young children or was recently laid off but still has primary residential custody of the children may have to show at trial his/her spouse’s income, especially if they are seeking child support and alimony. He or she may have to hire a forensic accountant if their spouse is self-employed or runs side businesses. In order to calculate income, the forensic accountant may examine how much money the self-employed spouse is depositing in their accounts and then estimate overhead and taxes to determine profit. Some parties may hire a forensic employability expert or a credentialed job recruiter to show the potential earnings of the parties in order to aid the court in the imputation of income.
In addition to determining income of the parties, experts may also help with the valuation assets that may be subject to equitable division in New Jersey. An expert such as a certified public accountant, may aid the court with the valuation of retirement plans, which may be based on such as how much the divorcing spouse contributed to the retirement account, and their estimated retirement age. Real Estate experts can aid in the appraisal of house, apartments, land, or commercial property the parties co-owned. The court may also appoint an economic expert to resolve economic/financial issues. Such an expert may appraise the value of property subject to equitable distribution or look into earnings of the parties. A forensic accountant may also be used to determine the value of a self-employed party’s business, which is also subject to equitable distribution.
The Bronzino Law Firm: Seasoned Attorney With Experience Representing High Net-Worth Assets Divorce Clients
Financial matters such as calculating child support, alimony, or imputing income of the parties can get complicated and highly technical, which may require the use of sophisticated experts. We also work in concert with knowledgeable experts and can also help fashion a cohesive plan for the equitable distribution of marital assets and debts based on our experience. Please contact The Bronzino Law Firm, located in Brick, New Jersey, at (732) 812-3102. Our office serves the surrounding communities, including Ocean County and Monmouth County.