Financial experts can be very useful in Minnesota divorce proceedings, especially when there are non-marital claims or complicated financial assets. After deciding to use a financial expert, there is also the option to obtain your own financial expert or use a neutral expert.
Using a neutral financial expert means that you and the opposing party will both retain the expert together. This may reduce conflict and encourage a settlement because there will not be two (2) competing expert opinions. This can also be a more cost effective approach as the parties typically equally (50/50) divide the cost of a neutral expert, as opposed to each paying for his/her own separate expert.
There are also some cons to obtaining a neutral financial expert. It can be difficult for both sides to agree on which expert to use (as some experts may have reputations/experiences/biases that may predispose him/her a particular way on some issues), this can cause a delay in the process. You also may disagree with the outcome the expert reaches. Even financial experts make mistakes and using only one expert may increase the risk of something being missed.
You should always consult with your attorney before agreeing to use a neutral expert or deciding to obtain competing financial experts. Both situations have pros and cons, and your attorney will help you make a decision that is best for the specific facts of your case.
If you have any questions about financial experts or how a financial expert might be beneficial to your case, please call me today at 651-647-0087 or reach out via our online contact form to set up your free consultation.