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IL divorce lawyerWhen most couples get married, they are thinking about the personal and romantic significance of their commitment. They are much less concerned with the financial implications of marriage. However, when spouses enter into a marriage, they merge many of their assets and debts. Undoing this financial entanglement during divorce becomes especially complicated if spouses have a high income or own high-value assets. If you or your spouse have greater than average wealth, you should know about the ways that your wealth may influence your divorce case.

Complex Assets and Hard-To-Value Property

The division of marital property is often one of the most challenging aspects of divorce. Complex assets, hard-to-value assets, and assets with fluctuating value are often especially difficult to account for during divorce. Special attention must be paid to assets such as:

  • Businesses and business investments
  • Stocks and stock options
  • Securities and investment accounts
  • Deferred compensation and bonuses
  • Overseas investments and tax shelters
  • Real estate and investment properties
  • Retirement accounts, 401(k) accounts, and pensions
  • Bitcoin and other digital currency

Child Support Deviations

Typically, child support payments are determined by statutory formulas established by the Illinois Marriage and Dissolution of Marriage Act. The parents’ net incomes are added together to find their combined net income and then this information is compared to an “income shares schedule” to find their basic support obligation. The basic support obligation is the amount of money that both parents are expected to contribute to their child’s upbringing. The basic support obligation is divided between the parents based on their respective net incomes. The parent with less parenting time makes his or her contribution in the form of child support.

The tables and formulas used to calculate a parent’s child support obligation are based on statistics and averages. If your financial situation is not typical of the average Illinois family, calculating child support using the statutory formulas may be inappropriate. Instead, the court may deviate from the typical method of determining child support and instead make a determination based on your unique circumstances.

Hidden Assets and Financial Fraud

Financial transparency is a crucial element in any divorce case but it is especially vital in high-income divorce cases. Some spouses may attempt to manipulate their divorce settlement by hiding assets, undervaluing assets, transferring funds, or falsifying financial information. They may use businesses to conceal assets or even intentionally overpay the IRS to create the illusion of a lower net worth. If you suspect that your spouse will lie about finances during divorce, speak to a divorce lawyer right away. A skilled attorney with experience handling complex divorce cases can help you uncover hidden assets and get the divorce settlement you deserve.

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IL family lawyerWhen 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 Family Law, 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.

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