Although many Michigan divorces finish quickly and amicably, proceedings that involve business owners or those with a high net worth can be lengthy. In complex divorces, it takes time to determine the value of each spouse’s estate and overall income. At The Law Offices of Lorrie J. Zahodnic, P.C. we understand the complicated nature of property division and have experience negotiating fair and equitable asset distribution.
It’s Over Easy, LLC reports that forensic accountants can help in situations when you cannot settle, and decide to move forward to trial. Disputed assets often result in emotionally charged, contentious proceedings. An accountant who specializes in sorting out financial issues can provide an unbiased assessment of the situation and can act as an expert witness if necessary. Their focus includes the following:
- Identifying and providing a valuation for assets and liabilities
- Tracing and locating pre-marital property
- Assessing the value of any businesses owned by either spouse
- Calculating the spousal and child support
- Evaluating the availability of income for paying support
- Preparing a plan for the equitable division of all property, including liabilities
Depending on the complexity of the legal issues involved and the size of the estate, the discovery process can take several months or years. If one spouse tries to hide specific assets, the process of tracing the property and getting a valuation could extend the proceedings considerably.
If there are minor children involved, there are several pieces of property, or if the property is in a different state, the complexity increases. Visit our webpage for more information on this topic.