Forensic Accounting and Hidden Assets

Family Lawyers in Schaumburg, Illinois

Dedicated Family Law Attorneys Serving Clients in Divorce Proceedings in Schaumburg, Palatine, and Barrington

Divorce can be a complicated, difficult process for many couples, especially when it comes to property and asset division. While Illinois requires that marital property be equitably divided, some spouses will hide assets in an effort to circumvent this requirement. Under these circumstances, you and your attorney will need to ensure that there is absolute traceability.

If you are going through a divorce that could involve complicated asset division issues such as this, it is crucial that you consult with knowledgeable legal counsel that can help ensure accountability during the divorce process. At Glasgow & Olsson of Schaumburg, Illinois, we are committed to providing our clients with a comprehensive approach to complex divorce issues. We bring over five decades of experience in working on complex divorce cases. Contact us today to discuss the fair distribution of marital assets.

Signs of Hidden Assets

With some financially complex divorces, there can be indications that one spouse is hiding assets. Some of these signs may involve:

  • A sudden changes in lifestyle;
  • Suspicious activity regarding taxes and withholdings;
  • Unreported automatic adjustments, such as expected bonuses, salary increases, or a change in retirement benefits;
  • Undervalued antiques, collections, or other assets;
  • Unreported security deposits on various rentals;
  • Accounts set up in relatives’ names;
  • The sudden payment of mysterious debts to friends or family;
  • (In the case of a family business) mysterious payments made out to existing (or nonexistent) employees; and/or
  • Mysterious investments made for which no interest is reported on tax returns; amongst others.

Unveiling Hidden Assets

While parties are legally required to disclose all of their assets in entirety as of a divorce proceeding—including non-marital assets—that does not necessarily mean that spouses do not risk being remanded by the court if they are found hiding assets. In these instances, using the process of discovery and even filing subpoenas requesting information from relevant banks may be necessary,

Beyond these levels of inquiry, it may also be necessary for you and your attorney to work with a forensic accountant so as to ensure that every complex financial and business-related issue has been analyzed and interpreted as closely as possible. By using specific applications to uncover financial evidence and then turning that evidence into reports and exhibits to assist in legal proceedings, working with a forensic accountant can help facilitate uncovering these hidden assets and using them, in turn, to provide substantial proof of their existence in court.

Tackling complex divorce issues is both stressful and near impossible without the assistance of an experienced family law attorney. For knowledgeable,experienced legal guidance, Contact us today for your initial consultation. We serve clients in Schaumburg, Palatine, Barrington, and surrounding areas.