The single expert system, now firmly in place in the Family Court, requires that both parties jointly appoint an expert to value the business. This approach works really well in some situations, reducing costs and complexities in litigation.
But there are sometimes when you need a shadow expert to help you.
The single expert system requires a joint letter of instruction and sometimes you may feel that you need further investigation of a particular issue that is outside the single expert’s instructions.
A Different Set of Eyes
Business valuations require on a lot of subjective opinion and specialist knowledge. A shadow expert is used to review the single expert’s report for inaccuracies, problems in methodology or just another way of interpreting the facts. The shadow expert can prepare a list of questions for the single expert.
Pre-Litigation Interpretation and Investigation
One of our most common roles as a shadow expert is just advising the husband or wife on the probable values of a business, whether it is worth getting valued, different approaches in respect of tax planning and superannuation under possible split scenarios. These are often defined as shadow expert witness roles in that we must excuse ourselves from acting as a single expert when we have already provided advice to one party. But as we have now worked with many Family Lawyers, the advice is often sought by both parties for their mutual benefit.
If you are interested in finding out how we can help as a shadow expert, please call Fiona or Arnold on 02 9411 5422.