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630-575-8585

2015 Spring Road, Oak Brook, IL 60523

Top Chicago Area Divorce Lawyers
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DuPage County divorce attorney asset division

Finances have a tremendous impact on divorce. Without accurate, up-to-date financial information, it is impossible to negotiate a fair divorce settlement. This is why each spouse is required to complete a financial affidavit during the first stages of the Illinois divorce process. Unfortunately, not every spouse is truthful when filling out the affidavit. Spouses may lie about their income, assets, debts, and expenses in order to sway the divorce settlement in their own favor. Doing this is not only unethical, it is also unlawful. An experienced divorce attorney can help protect your rights to marital assets.

Hiding Assets By Transferring Funds

One of the easiest ways to hide money during a divorce is to simply move the funds into a bank account that the other spouse is not aware of. A spouse who wants to artificially lower his or her net worth may transfer money from joint accounts into separate accounts. He or she may even transfer assets to a friend or relative with the understanding that the loan is temporary and that the money will be returned after the divorce. Another way spouses may try to transfer money under the radar is by getting cash back on everyday purchases like groceries. Doing this once or twice will not make a major impact, but over time, thousands of dollars may be transferred into cash this way.

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Western Springs divorce attorney business valuation

Illinois is an equitable distribution state when it comes to the division of assets in a divorce. This means that marital assets are divided fairly, but not necessarily equally, based on the spouse’s financial circumstances, employability, health, and more. Whether a couple is determining their own asset and property division arrangement or the court is issuing a property division judgment, a complete and accurate inventory of the couple's assets must be taken. If a spouse owns complex assets such as a business, the value of those assets must be determined before the property can be equitably distributed.

A Forensic Accountant Is Often Necessary

If you and your spouse agree to do so, you have the option to figure out the business’s value on your own. However, most people do not have the skills needed to accurately value a business. Mistakes made during the valuation of your business can lead to arguments between you and your spouse, an unfair divorce settlement, and unnecessary headaches during an already stressful time. Hiring a business valuator may be the best way to ensure that the estimated value of your business is as accurate as possible. If a more in-depth analysis of the business’s finances is necessary, you may want to hire a forensic accountant. A forensic accountant has special investigative and auditing skills, which he or she can use to thoroughly examine the business. The forensic accountant, if he or she is not also qualified to conduct business valuations, will provide vital information to the valuation professional. If you suspect that your spouse may be lying about business revenue or assets, a forensic accountant is essential to make sure you receive your fair share of the marital estate.

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Botti Marinaccio, LTD.

630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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