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Wakenight & Associates, P.C.

1100 Lake Street, Suite 120, Oak Park, IL 60301

DuPage County | 630-852-9700

Mokena | 815-727-6144   Oak Park | 708-848-3159

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Forensic Accounting & Your High-Asset Divorce

Posted on in Uncategorized

It's normal for separating couples to experience some degree of conflict during divorce proceedings, particularly when it comes to the equitable distribution of assets. Because Illinois doesn't have any laws that require anequal distribution of assets, spouses may find themselves standing before a judge who is responsible for deciding how their marital property should be dividedfairly. In this case, one does not equal the other.

In high-asset divorce s, some spouses might be tempted to hide assets, and will go to extreme lengths to protect them from the distribution process.For example, one spouse may try to hide financial assets in a secret account or transfer real estate property to a relative. this is incredibly inadvisable, as guilty parties are usually caught and punished with severe legal and financial penalties.

During the discovery phase of your divorce , spouses must be financially transparent and honestly disclose any relevant assets and properties - this includes both marital and separate properties. this is so important that spouses are required to testify under oath that they are providing all the necessary financial information and documentation.

Forensic accountants are usually brought in during this phase of the divorce case. They are responsible for:

  • Uncovering hidden assets
  • Determining the actual value of any assets, properties, and businesses
  • Ensuring that all financial information is being factually disclosed
  • Providing advice to the court

A forensic accountant can provide multiple services to a spouse who is concerned that their futures ex is hiding assets. For example, forensic accountants are trained to analyze documents for inconsistencies, seek out hidden assets, and prepare interrogatories to help courts make important decisions regarding distribution.

Forensic accounts examine the following documents in divorce cases:

  • Documents regarding income and expenses
  • Contracts
  • Tax returns
  • Bank records
  • Cash available reports
  • Community and separate property forms

Uncover theTruth Today

At Wakenight & Associates, P.C., we are committed to providing our clients with every service they need to secure an equitable divorce settlement . If you're concerned that your spouse is hiding assets, contact our high-asset divorce attorneys at one of our Illinois locations. We can work with a forensic accountant to help you uncover the truth.

We offer bilingual services! Call our Illinois high-asset divorce lawyers today to schedule your consultation. Our firm has multiple office locations across Illinois, including: Joliet, Mokena, Oak Park, and Elmhurst.

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