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630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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How Can Forensic Accounting Benefit Me During My Illinois Divorce?

Posted on in Divorce

Cook County divorce attorney asset division

Per Illinois law, divorcing spouses have a right to an equitable share of the marital estate. Spouses also have a right to fair child support and/or spousal support arrangement. However, to get a fair divorce resolution, an accurate and complete inventory of the spouses’ finances must be obtained. When spouses have complex or high-value assets or are unwilling to be truthful about property and debt, securing the financial information needed to reach a fair divorce settlement or judgment is particularly complicated. Forensic accounting is a process during which a detailed examination of a spouse’s finances is taken, assets are valued, and evidence of financial deception is uncovered.

Your Lawyer May Work with a Forensic Accountant to Interpret Complex Financial Portfolios

A forensic accountant is an accountant with strong investigative skills. Forensic accountants are often utilized during the discovery portion of the divorce process to evaluate financial records, scour financial documents for signs of deception, trace assets, appraise a spouse’s business, or find hidden accounts. Forensic accountants may also testify about financial issues during a divorce trial. A divorce lawyer experienced in cases involving complicated financial matters may work closely with a forensic accountant to ensure that an accurate, complete assessment of a spouse’s finances is conducted.

What Types of Issues Can Lead to Financial Complications During Divorce?

Dividing assets that are easily quantified and clearly classified as either marital or nonmarital property is typically a straightforward process. However, hard-to-value assets, assets with fluctuating value, and assets that cannot be easily identified as marital or nonmarital will make property division much trickier. Examples of assets that complicate divorce proceedings include:

  • Businesses

  • Professional practices

  • Vacation properties

  • Complex investments

  • Stock options

  • Restricted stock

  • Deferred compensation

  • Retirement accounts

  • High-value collectibles or art

Another concern that will significantly complicate the division of marital property and debts is financial deception. If a spouse has hidden bank accounts, undisclosed investments, or unreported business revenue, finding these assets is necessary for an accurate division of marital property. Spouses may try to gain an advantage during divorce by lying about debts and expenses, temporarily transferring assets to another party, hiding property or cash in safety deposit boxes, or using a business to conceal financial dishonesty. A forensic accountant can help your divorce lawyer reveal the truth so that you can obtain a divorce settlement or judgment that is based on accurate information.

Contact an Oak Brook Complex Divorce Lawyer

If you or your spouse own complex assets or you have concerns that your spouse will not disclose truthful financial information during your divorce, contact Botti Marinaccio, LTD. Our team of skilled DuPage County divorce attorneys has over 100 years of collective experience. We can work with financial experts and other professionals to value property, reveal hidden assets, and protect your rights during divorce. Call 630-575-8585 for a confidential consultation today.

 

Source:

https://www.forbes.com/sites/jefflanders/2014/09/04/why-a-forensic-accountant-belongs-on-your-divorce-team/

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Botti Marinaccio, LTD.

630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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