If you are in a contractual dispute or have suffered an economic loss whereby you seek compensation, you may need the help of an expert witness. When it comes to damage assessments, the judge and jury may appreciate the opinion of someone who has credentials in the financial sector. How do you know which type of financial expert you should hire for your case?
Types of Financial Experts
There are about five types of financial experts that you can choose from. Each type of expert has his or her own niche and specialized training. The types of financial experts are:
- Forensic accountants
- Business appraisers
Deciding which one you need depends on the type of case. CPAs, for example, can help with tax preparations and audits, whereas economists can help with market-driven issues.
Importance of Financial Experts
Choosing the correct financial expert witness can completely change your case’s outcome. The financial expert can explain, in understandable terms, procedures, interpretations, and calculations to the judge and jury.
When discussing financial matters, some members of the jury may not understand the numbers. Financial documents may feel like they are written in a separate language. The expert is there to decode the documents for the jury and other members of the court.
Your financial expert may also be someone who can assist your counsel in inventory and accounting records. He or she can make sure that you claim the correct financial loss and can defend you to the court.
When it comes to proving your case, evidence is critical. For some cases, it helps to have a financial expert on your side. When choosing the right expert, you need to consider the type of damages you are asking for. Discussions with your lawyer can also help you decide which type of financial expert would be valuable to your case.