Facing a divorce can feel like untangling an intricate web of finances and emotions. When significant assets enter the equation, this legal process becomes even more challenging.
High-asset divorces can be highly contentious and often take a significant toll on the couple’s finances and emotional well-being. This is why it is essential to assemble a strong team of experts to guide you through such a challenging process. But who exactly are the key financial experts you should add to your divorce team?
Appraiser
As an equitable distribution state, Michigan courts aim for a fair split when it comes to asset division. While this does not always translate to a 50/50 split, this principle means you are to receive a fair and reasonable share of your shared properties. Given this approach, accurate asset valuation becomes a crucial element in the division process.
If your marriage involves complex assets such as a business, real estate or luxury items, having an appraiser on your team becomes essential. These professionals specialize in determining the fair market value of various properties and possessions. They carefully examine factors like revenue, profits and market trends to accurately determine your assets’ worth.
Forensic accountant
In high-asset divorces, it is not uncommon for one party to try to conceal assets and sway the division of assets in their favor. If you suspect your spouse has been concealing assets or income, a forensic accountant can be a valuable addition to your team. Serving as your financial detective, a forensic accountant can take a closer look at your finances, identify suspicious transactions and trace assets, helping you secure a fair share of the marital estate.
A smarter approach to your divorce
Unraveling the life you shared with your spouse is undoubtedly an overwhelming challenge, but it also presents an opportunity for a fresh start. By having the right team of experts by your side, you can protect your financial interests and pave the way for a secure future.