2012 Summer, Pg. 44. JOINT RETENTION OF FINANCIAL EXPERTS IN DIVORCE.

• Author: By Heidi Walker

New Hampshire Bar Journal

2012.

2012 Summer, Pg. 44.

JOINT RETENTION OF FINANCIAL EXPERTS IN DIVORCE

New Hampshire State Bar JournalVolume 53, No. 2Summer 2012JOINT RETENTION OF FINANCIAL EXPERTS IN DIVORCEBy Heidi Walker"People, I just want to say, you know, can we all get along?"

~ Rodney King

Hiring a financial expert for a divorce engagement involves many decisions, one of which is determining whether the expert will be separately retained by each party, or whether the parties will jointly retain the expert. Using a joint expert can have its rewards; however, it is not suitable for all cases. The success of using a jointly-retained expert depends on the relationship between the parties; the issues in the case and the attorneys' strategies for dealing with them; and the skill of the expert to operate in this unique role.

In a divorce matter, generally a single expert may be engaged by agreement of the parties; appointed by the court; or engaged as part of the collaborative process. We will begin by describing each of these options. Then, we'll examine the economics of a joint engagement, as well as tips for making such an arrangement a success.

CIRCUMSTANCES OF JOINT EXPERT RETENTION

* By Agreement of the Parties: When divorcing parties are involved in litigation, the instinct may be for each to hire his or her own expert. In certain instances, this may be the appropriate course of action. In others, the parties may be on good enough terms, and the attorneys' strategies both suitable to jointly retain the expert via a joint engagement letter with the expert. This is usually done in hopes of saving time, fees, and the emotional drain that can result from dueling experts.

Choosing this course does not preclude the parties from later hiring their own expert if they are unhappy with the joint expert's results.

Court-Appointed: A joint expert may be appointed by the court. The parties may request the court to do so, or the court may decide to appoint one on its own. From the court's perspective, a jointly retained expert can enhance settlement opportunities, as well as avoid the contradictory evidence often submitted by dueling experts. However, some judges may not be in favor of a neutral expert, out of concem that it interferes with the adversarial process.

The scope of work may be determined by the court or stipulated by the parties. As outlined in the Family Law Services Handbook, the order or engagement letter typically includes:

* Specifying the expert's tasks * Stating basic facts (e.g., marriage and separation dates) * Defining compensation parameters * Identifying financially responsible parties and funding...