During your divorce case, there may be circumstances in which experts are summoned to shed light on complex matters. Whether it be real estate appraisers, financial experts, and more, these individuals can be incredibly beneficial to the court.
In our latest video blog, Partner & Attorney Carole T. Orland assists us in understanding why experts are needed in divorce cases and the purpose they serve as a whole.
Why Are Experts Needed?
Experts are needed to assist the court in understanding issues that are not readily apparent or understandable to a layperson.
What Are Some Examples Of When Experts Are Hired For Divorce Cases?
A variety of experts may be called in for your divorce case. For example, a real estate appraiser may be summoned if there’s a marital home or a dispute about the home’s value. In this case, you may have an expert or two, depending on whether each party wants their own expert to determine the home’s value.
Other times, individuals have concerns regarding a business. Sometimes it’s a closely held business, and they want an expert to be able to value one’s interest in the business should there be a potential buyout situation from one spouse to another. This can also be useful if they want to value stock options.
Is It Possible To Hire A Joint Expert?
Although hiring a joint expert is possible, you need to be careful. Before you commit, you need to understand that the results they deliver may not be in your favor. Sometimes, individuals take this route because they intend to be amicable or think it’s a way to save money. Although it may be a way to save on expenses, it may not lead to the desired result.
With that being said, if both parties don’t have the desire to each get their own expert, it’s recommended that one party gets an expert, gets said item valued, and shares the results with the other side. From there, you can either reach an agreement or negotiate the terms. But ultimately, if the other person decides to hire an expert, that party is free to do so.
Is It Possible For Experts On Both Sides To Agree?
Absolutely, and that’s most often the case. We find, between experienced counsels, that if we’re each hiring our experts, sometimes they’re close in their valuation, and sometimes they’re not.
However, suppose they’re not, and we have the experts speak to one another. In that case, they can typically reconcile their differences or get even closer to a favorable result rather than taking it to trial, which can be quite time-consuming and costly.
Who Bears The Cost Of The Experts?
The marital estate typically bears the cost of said experts because it’s during the pendency of the case, and all the funds are still coming from one pot. Therefore, it doesn’t matter who writes the check or wires the payment, as it’s coming from the joint fund until the parties dissolve their marriage unless they agree otherwise. If you’re considering divorce, it’s highly advised that you seek experienced counsel. Contact us today to learn more about how we can assist you.
