New Mexico couples that have significant assets such as businesses, real estate, and high-value investments must take a more nuanced approach to divorce. You are in a “split the baby” scenario, but understand that indiscriminate slicing and dicing could easily wipe out your wealth. That’s where Attorney Bob Matteucci of Matteucci Family Law comes in.
Bob is routinely asked to serve as a special master in New Mexico divorce cases where amicable agreement over the division of assets seems impossible, or there are particularly valuable or complex assets that cannot easily be split in half.
What is a Special Master?
A special master is a neutral third party the judge in a civil lawsuit can hire to help resolve difficult cases. They are hired to assist the parties in a civil lawsuit as they attempt to come to an agreement, or investigate an issue the judge would like more information on before he or she issues a decision.
Rule 1-053 of New Mexico’s Rules of Civil Procedure for the District Courts, which outlines how courts are to use special masters, describes them as a referee, auditor, or examiner. This is an apt description since a special master does not advocate for either party like an attorney would do, and he or she does not have the same decision-making powers as the judge in the case. Instead, the special master often has a set of skills or certain knowledge that the parties’ attorneys or the judge overseeing the case believes will be helpful to tap into.
Attorney Matteucci is often brought in to help resolve disputes in divorces involving complex or unique assets thanks to his years of family law experience and background as a small business owner. Before earning his J.D. with a concentration in Business Law from the University of New Mexico, Bob graduated from Tulane University with an MBA and was the owner of a profitable shoe store that generated over $5,500,000 in annual sales.
He knows how to dig into complex financial documents and estimate the value of illiquid and indivisible assets. He can also suggest ways to apportion the value of these assets in a manner that does not diminish their utility.
What Role Does a Special Master Play in a Divorce Case?
Attorney Matteucci has found that the work he does as a special master is as varied as the cases and people seeking his assistance. The exact scope of his duties and the work to be done in each case is specified by the parties to the case in a stipulated order filed with the court. The order tells him exactly what his job as special master in a particular case is, the timeline for the work, and the format of any reports that will be submitted.
When Bob is asked to serve as a special master in a divorce case it is typically a case where there are high-value assets to sell, liquidate, value, assess, or equitably divide up, including:
- Real Property — When dealing with multiple properties or complex real estate holdings, Bob ensures an equitable distribution that reflects the true value of residential and commercial buildings, agricultural land, and vacation property.
- Businesses — Whether a business needs to be divided, sold, wound down, or kept operating, Bob can take the steps necessary to move things forward.
- Business Assets — If particular business assets are causing strife, Bob can step in and oversee the disposition of inventory, receivables, and equipment.
- Other High-Value Assets — From stock portfolios to retirement accounts, and vehicles, art, jewelry, firearms, and antiques, Bob can provide detailed analysis and division strategies that protect the value of these unique assets.
Bob may do whatever work is necessary himself, or hire others to assist him. Under New Mexico law, a special master may request documents and information from the parties involved, hire experts, issue subpoenas, interview witnesses, or carry out specific tasks like negotiating the sale of assets on behalf of the parties in the case.
The court accepts a special master’s actions, and any reports generated by the special master, at face value unless a party involved in the case proves the work that has been done is clearly unacceptable. The case then moves forward without the special master’s further involvement.
Who Pays for a Special Master in a Divorce Case?
The special master is paid for by the parties involved in a case. The cost is typically split between the parties unless it would be more appropriate for one party to cover the full cost.
How much it costs to hire a special master varies based on the work required. The fee charged may be a flat rate or hourly depending on the type of case and the work necessary.
Serving Families with Dignity & Compassion
When it is clear that a divorcing couple will not be able to come to an amicable agreement regarding the division of their assets, and the assets in question are difficult to value or divide up, it may be time to bring in a special master.
Attorney Bob Matteucci may not have the wisdom of Solomon, but he has developed a reputation as a fair and efficient special master. He leverages his legal skills, business acumen, and experience as a divorcee to help the parties in high-net-worth divorces navigate the financial and emotional minefield they are facing. Whether he is serving as an advocate, a mediator, or a special master, his goal is to help the parties involved move forward with their lives. Please contact Bob today to schedule a meeting.