How Can Forensic Accounting Benefit Me During My Illinois Divorce?

 Posted on January 28, 2021 in Property Division

When two people get married they merge their financial lives in such a way that dividing assets and debts prove quite difficult during divorce. Property division during divorce is further complicated when the couple owns complex assets, has a particularly high income, or when a spouse refuses to be honest about his or her finances. The spouses’ financial situations will also have a dramatic impact on child support, spousal support, and other elements of the divorce. Forensic accounting may help divorcing spouses trace marital assets and debts, reveal hidden assets and income, determine how much money is available for support payments, and much more.

How a Forensic Accountant May Help During Divorce

Divorce lawyers often utilize the expertise of a forensic accountant when complicated financial circumstances or financial deception confound the divorce process. Forensic accounting is often used when a married couple owns a business or professional practice or other complex assets like stocks and stock options, retirement funds, cryptocurrency, or real estate.

Forensic accounting may also be used as an investigative tool. Divorcing spouses are expected to fully disclose accurate information about their income, business revenue, assets, expenses, and debts. In order to sway the outcome of the divorce in their favor, some divorcing spouses conceal assets or lie about finances. A forensic accountant may help your lawyer uncover hidden accounts, secret property transfers, and other sources of deception. Accurate information about finances is needed to make a determination about many different issues during divorce including asset and debt division, alimony, and child-related issues The only way to ensure you receive a fair divorce settlement or award is to base that settlement off of verifiably accurate financial data. Forensic accountants may assist in your divorce case by:

• Investigating a spouse’s finances and looking for inconsistencies
• Finding hidden assets, income, and revenue streams
• Assigning a value to items with fluctuating or hard-to-determine values
• Inventorying valuable personal property such as art, jewelry, and collectibles
• Evaluating the long-term financial consequences of potential divorce settlements

Contact a St. Charles Divorce Lawyer

Financial issues during divorce are often complicated and contentious. If you are considering divorce and you or your spouse own a business or other complex assets, forensic accounting may be an advantageous tool. Forensic accounting may also be used to find hidden assets and reveal other forms of financial fraud during divorce. At Shaw Sanders, P.C., our accomplished Kane County family law attorneys know how to work with experts such as forensic accountants to ensure our clients receive the settlement they deserve. Call us at 630-584-5550 for a free consultation.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+IV&ActID=2086&ChapterID=59&SeqStart=3800000&SeqEnd=5300000