Why is it important to work with experienced divorce and family law attorneys to ensure accurate valuations and forensic accounting in a high asset divorce in Louisville or Jefferson County?
Many couples in Louisville and Jefferson County have significant assets or a substantial income. When marriages associated with wealth or high wage earners come to an end each spouse owes a fiduciary duty to the other to “immediately, fully and accurately” disclose all assets and liabilities. What happens if something is missed, intentionally or unintentionally? How do you separate the two parties and the complex portfolio of marital and separate property associated with their divorce?
Some assets like bank and investment accounts, retirement accounts and trust funds may be more straight forward when it comes to assessing their value. Other assets such as real property, separate property that has been commingled and even intellectual property and copyrighted material may be harder to properly value.
The experienced divorce and family law attorneys at Dodd & Dodd always consider and often seek valuations and forensic accounting in a high asset divorce in Jefferson County. We work with forensic accountants who review information from multiple sources as well as the data provided by the other party. These forensic specialists verify the accuracy and completeness of information provided and search for inaccuracies, omissions, and hidden assets.
Business or professional practice ownership interests will usually require an independent valuation by an expert in the appropriate field. The Court in these cases is interested in an accurate valuation and accounting so that marital property can fully assessed, organized and valued. Is any portion of the business or investment portfolio the separate property of either spouse? Ultimately all property, assets and liabilities must be divided between the parties. What are the tax implications of the property division for each party and how can the impact of taxation be minimized?
If you are involved in a Louisville or Jefferson County divorce which involves a business or professional practice, substantial assets or high income wage earners we invite you to contact Dodd & Dodd or call 502-584-1108 to schedule a meeting with one of our experienced divorce and family law attorneys. Learn more about why it is important to consider valuations and forensic accounting in a high asset divorce in Louisville.
