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When Are Financial Experts Needed in a Divorce?
In your divorce, protecting your finances may be one of your biggest priorities, especially if you have a large marital estate that needs to be divided. Figuring out what you are entitled to and negotiating with your spouse for assets can be overwhelming, and sometimes outside help is needed. Financial experts like forensic accountants can play an important role in your divorce, making sure everything is accounted for.
At Shaw Sanders, P.C., our St. Charles, IL divorce lawyers work with financial experts who can shed light on the most complex matters in your divorce. We have experience representing clients in high asset divorces, so you can trust us to advocate for your best interests through careful negotiation or litigation.
Three Issues That Financial Experts Can Help With in a Divorce
Uncovering Hidden Assets
In your divorce, it is critical that all of your assets – marital or otherwise – are clearly identified. Without a clear understanding of each other’s finances, you and your spouse might make decisions based on incomplete information, leading to a less ideal settlement. A financial expert can help clarify each party’s resources and debts, which can influence property division and spousal support (750 ILCS 5/504).
Uncovering hidden assets is especially important if you believe that your spouse is intentionally trying to conceal property. A forensic accountant can potentially trace a hidden asset, proving that your spouse attempted to deprive you of property in the divorce.
Business Valuations
Divorcing as a business owner can be difficult if your spouse is entitled to a portion of its value. This situation almost always necessitates a professional valuation unless you both agree to the business’s value and what you want to do with it. Even if your business belongs to you alone, a business valuation may still be required to ensure a fair asset split.
There is no one "correct" way to value a business. Instead, professional business valuators may look at a company’s total assets and liabilities, future earning potential, or the sale of comparable businesses to determine how much it is worth.
Some approaches may be better suited to certain businesses. A business valuator can provide you with a qualified outside opinion, implementing an approach tailored to your situation.
Dividing Complex Assets
Property division involves more than just liquid assets. You also have to account for and appraise complex, valuable properties like pensions, investment portfolios, real estate, or jewelry. When it is not immediately clear how much a piece of property is worth, or how much each party is entitled to, outside experts like actuaries and accountants can be brought in to investigate.
Contact a Kane County, IL High Asset Divorce Attorney
An expert opinion can help you clear up uncertainties in the most contentious parts of your divorce. At Shaw Sanders, P.C., we have the resources and professional relationships to address your most pressing questions in property division. To schedule a free consultation with our St. Charles, IL complex divorce lawyers, call us at 630-584-5550 today.
630-584-5550