Family Lawyers Don’t Know What They Don’t Know | Business Valuation & Divorce

Why forensic accountants and business valuation expert witnesses must teach family lawyers what they don’t know.  Family lawyers don’t always know what they need to ask.  Mason offers his thoughts and comments.

For CPE credit to view this presentation and others from this conference, click here: 2023 FORENSIC & VALUATION SERVICES CONFERENCE BUNDLE.

Why attorneys wait too late to hire the financial expert.

1. Some attorneys don’t have the training or experience. They get scared of the deep dark waters of expert witness engagements.  (That’s why I wrote my book.)
2. We have a letter explaining to clients the nitty-gritty reasons to hire an expert.
   1. Both parties are required to put on proof of assets, classification, and value.
   2. If we don’t put on proof, the opposing party’s valuation wins by default.
   3. While parties can testify about the value of assets, what weight will a party’s testimony carry as opposed to an expert witness?
   4. This must be done.
3. We recommend clients hire experts. We plead.  We cajole.
4. Some clients are so afraid of the expense, they won’t pull the trigger and pay the retainer.
5. Some clients are afraid of the conflict.
6. If the client doesn’t have the money, ask opposing counsel. If rejected, seek a court order.  The court ordered route is not always easy and often takes the assistance of the expert, who may not have been retained yet.  Can be a chicken and egg thing.

Hidden Assets & Enhanced Financial Investigation: What “A List” Attorneys Know about Discovery Others Don’t. This presentation is for business valuation and forensic accounting expert witnesses.

Mason’s “Hidden Assets” presentation discusses: Experts must learn the legal process. When should experts stick their nose in? Why there is no line to worry about crossing. How subpoenas actually work. How experts can help with subpoenas. Why the subpoena process is not more frequently used and quick enough. Experiences that can expedite and move financial discovery forward. Why attorneys do things at the last minute. Why attorneys wait too late to hire the financial expert.

This video is an excerpt from Miles Mason, Sr., JD, CPA’s presentation at the 2023 Tennessee Society of CPA’s Forensic and Valuation Services Conference, Oct. 24, 2023, in Brentwood, Tennessee.

To learn more about divorce and forensic accounting, buy Mason’s The Forensic Accounting Deskbook published by the ABA Family Law Section. Forensic accounting can help family lawyers win cases while at the same time their clients are able to keep money which might otherwise be taken from them by the difficult and confusing divorce process. This updated edition of one the ABA’s most popular resources explains the practice of forensic accounting and business valuation and how to apply it in family law cases.