When you are going through a divorce, you will sometimes need help from an expert. This might include a financial expert, a medical expert, a childcare expert, or even a scientist. By involving a divorce law firm in your case, you will have access to expert witnesses that can assist you as you are represented legally throughout your divorce.
The Job of an Expert Witness
Lawyers and judges are experts regarding legal matters but often have to refer to expert witnesses regarding other important subjects. For example, you might be fighting a custody battle and your child might have a medical condition that might be relevant and may need to be explained to the courts.
In cases that involve people with high net worths, financial expert witnesses are especially important because they can assist in finding assets and confirm the financial information of both partners. A financial expert witness can help make sure that your assets are being distributed fairly.
How Assets Are Often Hidden
A spouse will often hide assets by transferring them to an account that the other partner is not aware of such as a bank account in another individual's name. Another strategy is to falsify income statements to downplay the income that the spouse was earning at the time of the divorce, which is illegal.
One of the challenges is that you will need to determine who will have ownership of the shared assets. They will try to determine whether there are any assets that have been obfuscated or hidden. Once hidden assets have been revealed, they may advise the court so that the court can make a decision regarding whether the party hiding the assets should be punished.
Even if you will not be taking your partner to court, you may want to speak with a financial expert who works with a divorce law firm so you can learn about the tax implications of filing for divorce and so you can avoid putting yourself in a more challenging financial situation.
To avoid having to sort out financial issues after a divorce, which is more expensive after a divorce, your attorney will likely need to hire an expert witness. While there are additional fees associated with hiring an expert witness, you will save more money in the long run by preventing a post-judgment motion or modifying a divorce order.
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