Forensic Accounting & Your High-Asset Divorce
It’s normal for separating couples to experience some degree of conflictduring divorce proceedings, particularly when it comes to the equitabledistribution of assets. Because Illinois doesn’t have any laws thatrequire anequal distribution of assets, spouses may find themselves standing before ajudge who is responsible for deciding how their marital property shouldbe dividedfairly. In this case, one does not equal the other.
In high-asset divorces, some spouses might be tempted to hide assets, andwill go to extreme lengths to protect them from the distribution process.For example, one spouse may try to hide financial assets in a secret accountor transfer real estate property to a relative. This is incredibly inadvisable,as guilty parties are usually caught and punished with severe legal andfinancial penalties.
During the discovery phase of your divorce, spouses must be financiallytransparent and honestly disclose any relevant assets and properties—thisincludes both marital and separate properties. This is so important thatspouses are required to testify under oath that they are providing allthe necessary financial information and documentation.
Forensic accountants are usually brought in during this phase of the divorcecase. They are responsible for:
- Uncovering hidden assets
- Determining the actual value of any assets, properties, and businesses
- Ensuring that all financial information is being factually disclosed
- Providing advice to the court
A forensic accountant can provide multiple services to a spouse who isconcerned that their futures ex is hiding assets. For example, forensicaccountants are trained to analyze documents for inconsistencies, seekout hidden assets, and prepare interrogatories to help courts make importantdecisions regarding distribution.
Forensic accounts examine the following documents in divorce cases:
- Documents regarding income and expenses
- Tax returns
- Bank records
- Cash available reports
- Community and separate property forms
Uncover the Truth Today
At Wakenight & Associates, we are committed to providing our clientswith every service they need to secure an equitable divorce settlement.If you’re concerned that your spouse is hiding assets, contact ourhigh-asset divorce attorneys at one of our Illinois locations. We can work with a forensic accountantto help you uncover the truth.
We offer bilingual services!Call our Illinois high-asset divorce lawyers today to schedule your consultation. Our firm has multiple office locationsacross Illinois, including: Joliet, Mokena, Oak Park, and Elmhurst.