What Is Forensic Accounting in a Divorce?
Divorces are stressful, even more so when assets need to be accounted for and properly divided. Dealing with high-value assets, contested divorces, and assets that one spouse might be hiding only makes the divorce situation more difficult to deal with. A forensic accountant can help you discover hidden assets and keep your finances in order as you work with an Illinois divorce lawyer to divide property and money fairly.
Does My Illinois Divorce Need Forensic Accounting?
Forensic accounting may be needed throughout your divorce for several different reasons, though forensic accountants are primarily utilized to help discover hidden assets. Below, we give you an idea of what a forensic accountant can help you with during your divorce.
- Searching for hidden assets
- Valuing businesses or other shared properties
- Providing expert testimony during your divorce
- Separating marital and non-martial assets
- Calculation of cash flow for each spouse
Whether or not your Illinois divorce needs forensic accounting depends on whether you suspect your spouse is hiding assets, if you are dealing with a contested divorce where you can reach agreements, and if you need financial clarity before making property and income divisions.
An experienced divorce attorney working alongside a forensic accountant can help to ensure you receive the fairest division of assets as your divorce settles.
Uncovering Hidden Assets in Your Divorce
The decisions that are made during your divorce have the potential to affect your financial future. It is important to have all of the finances shared between you and your spouse made clear before proceeding with a divorce. Otherwise, one party could end up with an unfair divide of assets.
Forensic accounting helps uncover hidden assets, and you may decide to work with one if you notice signs such as making sudden, expensive, or high-end purchases, giving away money to friends and family, and refusing to share their financial information or speak about finances with you. These signs may indicate your spouse is attempting to hide something and need further investigation.
Contact a Kane County, IL Divorce Lawyer
Navigating a divorce alone is difficult, and you need an experienced St. Charles, IL divorce attorney in your corner to ensure you receive a fair division of assets during your divorce. One of our lawyers at Shaw Sanders, P.C. can help you understand your options and provide advice on uncovering hidden assets if needed. Call us at 630-584-5550 for a free consultation.