What is The Role of a Forensic Accountant in an Illinois Divorce Case?

 Posted on June 09,2023 in Divorce

Finances play a crucial role in a divorce case. When there are complicated financial circumstances in a divorce, a forensic accountant may provide expert analysis and testimony. The primary objective of a forensic accountant is to assist in painting an accurate financial picture of the marital estate so that asset division, child custody, and other divorce issues can be determined. Forensic accountants are often used in divorce cases in which a spouse is misrepresenting his or her financial situation. A divorcing spouse may hide assets, undervalue assets, or lie about his or her income. A forensic accountant’s job is to uncover the truth and assist the divorce lawyer during the case.

Tracing and Identifying Assets

In many contested divorce cases, questions are raised about a spouse’s marital and non-marital assets. A forensic accountant traces and identifies marital assets, including assets that have been hidden. A spouse may try to hide assets by transferring assets to a third party, failing to disclose offshore accounts or other difficult-to-find property, or lying about the value of assets.

Valuing Assets

Forensic accountants may also be used to determine the value of assets during divorce. For example, a forensic accountant may investigate business financials to determine the value of a business so it can be accurately addressed during property division.

Uncovering Discrepancies

Divorcing spouses sometimes try to make their income appear lower than it actually is. They may do this to avoid paying spousal maintenance, reduce their child support obligation, or influence property division. A forensic accountant may look for clues of this type of financial fraud by evaluating financial documents, bank balances, and expense patterns. The forensic accountant may look at the spouse’s lifestyle and determine whether his or her income may be higher than he or she is claiming.

Provide Expert Consultancy or Testimony

Forensic accountants often collaborate with divorce attorneys and other professionals during the divorce process. They may provide professional insight during the divorce case or testimony during a divorce trial. Forensic accountants can be called as expert witnesses to attest to a spouse's financial situation in contested divorce cases.

Contact Our Arlington Heights Divorce Attorneys

If you are getting divorced and you suspect that your spouse is hiding assets, lying about income, or you are dealing with other complicated financial circumstances, we can help. Our Arlington Heights divorce lawyers are qualified to handle complex property division matters, child support disputes, and more. Call our office today at 847-749-4182 for a confidential consultation.

Source:

https://www.investopedia.com/terms/f/forensicaccounting.asp