How a Forensic Accountant Can Help You During the Discovery Process

Illinois divorce attorney, Illinois family lawyer, Illinois child support lawyer,The process of allocating assets during a divorce is often one of the most contentious issues between couples. The state of Illinois practices equitable distribution of assets and liabilities, rather than equal distribution. This means that there is nothing saying a judge has to assign half of the marital estate to each spouse — one spouse could end up walking away from the divorce with more money or more debt. Because of this, some spouses may be tempted to cover up assets so they may keep them for themselves. Illinois courts strongly recommend that couples try to come to an agreement on property distribution on their own, but this is not always possible, especially if both spouses are not willing to be truthful with each other.

This is often the step of the divorce process in which “discovery” comes into play. Discovery is the exchange of information between the two spouses and their attorneys. During this step, both spouses are required by law to be fully and completely transparent about the issue at hand. This means each spouse must disclose any and all assets, including both marital and non-marital assets.

The Role of a Forensic Accountant

During the discovery phase is typically when forensic accountants are brought in to help. A forensic accountant can be especially helpful to people who think their spouses may be hiding assets or other things from them. A forensic accountant is a person who is trained to look at business and finance documents to discover any discrepancies or missing information. Documents that a forensic accountant will likely ask for include:

  • Tax returns;
  • Bank records, including checking and savings account statements;
  • Information on stock options;
  • Retirement account ledgers;
  • Brokerage statements;
  • Loan applications;
  • Credit card statements; and
  • Any other financial documents you or your spouse may have.

A DuPage County Divorce Attorney Can Provide Much-Needed Legal Advice

If your divorce includes high-value assets or you think your spouse may be hiding something from you, you need help from an Aurora, IL divorce lawyer. At the Law Office of Matthew M. Williams, P.C., we can help you make sure you get your fair portion of the marital estate by hiring knowledgeable financial experts, such as a forensic accountant. To schedule a consultation, call our office today at 630-409-8184.

 

Sources:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6100000&SeqEnd=8350000

https://www.forbes.com/sites/jefflanders/2014/09/04/why-a-forensic-accountant-belongs-on-your-divorce-team/#67988bc718ab

Share this Post : Share on FacebookTweet about this on TwitterShare on LinkedInEmail this to someone
This entry was posted in Division of Property, Divorce Finances and tagged , , , , , .

Comments are closed.

Logo Image 1444 North Farnsworth Avenue, Suite 307
Aurora, IL 60505
Phone: 630-409-8184
Facebook   Twitter   Our Blog