Utilizing a Forensic Accountant to Uncover Hidden Assets in Divorce

 Posted on February 27, 2021 in Division of Property

When you and your spouse were first married, you made vows to always be faithful to one another. It can be extremely difficult to learn that your spouse has been deceptive about certain things, even if they were about topics such as finances. In a previous blog, we discussed the indicators of potential hidden assets and the importance of uncovering them for the sake of the marital estate. Uncovering hidden assets can be difficult work if you are not trained in doing so, which is why you should seek help from a professional if you suspect your spouse has not been completely truthful. Forensic accountants are professionals who are trained to look for things like hidden assets when collaborating on a divorce case and can be instrumental in helping you ensure you get your fair share of the marital estate.

Your Forensic Accountant at Work

In a contested divorce, before any decisions are made about property, assets, or debts, both parties will go through what is called “discovery.” This is simply the process of exchanging information between both parties and their lawyers prior to beginning negotiations. If you have a forensic accountant on your team, he or she will take the information given to you by your spouse and look over it with a fine-toothed comb.

The job of the forensic accountant is to trace all of your spouse’s income, investments, savings, and spendings. To do so, your forensic accountant may:

• Analyze your spouse’s personal and/or business tax returns.

• Use public records to examine business financial statements and loan applications that are suspected to be connected to any hidden assets.

• Review all disbursements made to any bank and brokerage accounts.

• Analyze the family’s lifestyle and expenses and the spouse’s income to determine if there are any discrepancies.

Discuss Your Case With Our Aurora Divorce Lawyer

Even if you do not discover these hidden assets until you are in the middle of the divorce process, it can still be devastating to hear that your spouse was keeping secrets from you. Dealing with asset division can be stressful and confusing in the first place, which is why you should let a knowledgeable Kane County asset division attorney and a forensic accountant help. Contact the Law Office of Matthew M. Williams, P.C. today to set up a time to speak with our skilled family law attorney and discuss your case. To schedule a private consultation, call our office today at 630-409-8184.

Sources:

https://www.forbes.com/sites/jefflanders/2014/09/04/why-a-forensic-accountant-belongs-on-your-divorce-team/?sh=85d136e718ab

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