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900 E. Roosevelt Road, Lombard, IL 60148

Phone: 630-932-9100

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134 N. Bloomingdale Road, Bloomingdale, IL 60108

Phone: 630-529-4761

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Posted on in Family Law

IL divorce lawyerGoing through a divorce can be a complicated process. Working out maintenance and child visitation, how to divide a business, debt, etc. can all add to the stress of your divorce. If a couple’s finances are particularly complex, it may require a forensic accountant. A forensic accountant for a divorce is someone who details all the debts, assets, and other financial aspects in the divorce and presents that information in a courtroom. Divorce attorneys can help with general financial aspects of a divorce, but for more complex matters it may be necessary to work with a forensic accountant to ensure the finances are taken care of properly.

How Can Forensic Accounting Help Me?

Forensic accountants are most often used in high net worth divorce cases but can be used by anybody if they are needed. Some of the ways a forensic accountant can help your divorce case by searching to see if there are hidden assets, evaluating the long-term impact of the divorce on finances, or determining the value of assets and evaluating expenses. To do so they will examine any deeds, stocks, investments, bank statements, etc. and compile everything together.

The forensic accountant can be especially helpful if you believe your spouse is hiding assets. For example, if they bought some cryptocurrency in the past and have not disclosed it to you or the court, that could be very valuable and will need to be considered in the division of assets in your case. If your divorce is amicable, you probably do not need to worry about that issue as much, but it is still beneficial to you to make sure everything is accounted for in your case. Often forensic accountants are used for business valuation. Business finances and personal finances for business owners are often intermingled in complex ways, and the forensic accountant will determine where assets should be placed for divorce considerations.

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Illinois divorce lawyersIn an Illinois divorce, the assets of a couple are valued and then divided equitably. What happens, though, when one of the parties decides they want more than they are entitled to receive in the settlement? In some cases, it could lead to asset hiding. Learn more about the risk of this deceptive practice, including how to tell if you may be at risk and what an experienced divorce lawyer can do to help mitigate against the potential damage.

Disadvantaged Spouses

Disadvantaged spouses are individuals who either do not earn money or have little knowledge of their marital finances. Some are stay-at-home parents or spouses. Others simply choose not to get involved with the financial aspects of their marriage. Regardless of the reason, these spouses are at an increased risk for asset hiding during divorce.

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DuPage County divorce lawyersWhile mediation can reduce the overall cost of a divorce, there are some situations in which it may not be appropriate. Hidden assets – or the potential for hidden assets – are a prime example. Learn how to determine if your spouse may be hiding assets, and how hidden assets during mediation can impact the outcome of your divorce.

Are You at Risk for Hidden Assets?

Divorces involving closely held businesses, one-sided financial disadvantages, high net worth, or excessive debt tend to have an increased risk for hidden assets during divorce proceedings. However, any couple may experience asset dissipation (the loss of assets) or asset hiding issues during their divorce. A few signs that could indicate it might be happening to you include:

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Whether you are going through a divorce, injured in an accident, need to file a workers' compensation claim, charged with a crime, immigrating to the United States, or need to file for bankruptcy, Mevorah Law Offices LLC can help. Our trial lawyers have over 40 years of experience helping clients throughout Northern Illinois from five offices in Lombard, Bloomindale, Naperville, St. Charles, and Chicago.

Steven Mevorah has assembled experienced attorneys under one roof so that his clients need not search for a new attorney each time they need help. Mr. Mevorah has also established a wide network of additional attorneys so that his clients merely need to stop by Mevorah Law Offices LLC to find the attorney they need.

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