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45 Fam. L.Q. 5 (2011-2012)
Selecting and Using a Capable, Ethical Financial Expert in Dissolution Practice

handle is hein.journals/famlq45 and id is 13 raw text is: Selecting and Using a Capable, Ethical Financial Expert in Dissolution Practice STEPHEN G. DENNIS* I. Introduction Critical to the success of any dissolution proceeding involving difficult financial issues is the retention of a capable, ethical financial expert. Financial experts can assist the family lawyer with several issues including valuation of closely held businesses and professional practices, valuation of pensions, determination of spousal maintenance levels, and tax aspects of divorce. However, the services of experts are subject to ethical standards prescribed by governing professional organizations such as the Appraisal Foundation, American Institute of Certified Public Accountants, American Society of Appraisers, Institute of Business Appraisers, National Association of Certified Valuation Analysts, and other such organizations. This article is devoted to the major ethical issues financial experts need to address and how they affect interactions with family lawyers who retain them. II. Initial Issues in the Selection of a Qualified, Ethical Financial Expert There is an array of potential financial experts available to the family lawyer. Professional business appraisers, certified public accountants, enrolled actuaries, financial planners, business brokers, and other profes- sionals are available (and frequently make their presence known) to the family lawyer to deal with the multitude of financial issues incident to divorce. The typical beauty contest involving the selection of financial * Certified Public Accountant accredited in Business Valuation by the American Institute of Certified Public Accountants (AICPA) and partner in the Minneapolis accounting firm, Baune, Dosen & Co LLP. He also served as Adjunct Professor of Law at the University of Minnesota Law School. 5