Global BV News: First-ever survey reveals BV needs of family lawyers in New Zealand

BVWireIssue #182-1
November 1, 2017

Business valuation is the most common instruction to forensic accountants and appraisers from New Zealand family lawyers, according to the inaugural “New Zealand Relationship Property Survey 2017.” Relationship property is the property that must be distributed between the parties when a relationship ends.

The right stuff: A joint report of Grant Thornton New Zealand and the New Zealand Law Society, the survey shows that 42% of family lawyers had instructed a forensic accountant in the last two years, and, of those, 40% had instructed one for valuation purposes. “The survey findings also provide clear visibility around the attributes of a forensic accountant (including business valuers) preferred by lawyers practicing in this area,” adds Jay Shaw, Grant Thornton valuations partner. “Practitioners consider a strong forensic accountant as one able to apply critical thinking in preparing effective written reports and evidence but who, above all, has experience of defending their report as an expert witness in court. Or as one respondent said: ‘they need to know their stuff—get the valuation right and stand up for it.’

A copy of the full report, which provides many other insights into the practice of relationship (matrimonial) property generally, can be downloaded here.

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