Kane County Forensic Accounting Lawyers
Attorneys Providing Forensic Accounting and Hidden Asset Tracing in Illinois
Marriages are based on trust and honesty. However, when a couple goes through a divorce, things quickly change. In some cases, one spouse will hide assets from the other in order to keep more in a divorce settlement.
At The Stogsdill Law Firm, P.C., we fight for our clients and their rights to marriage assets. Our attorneys work with professional financial advisors, such as forensic accountants, to make sure all assets in a marital estate are found and divided. We are aggressive litigators who can represent you if your divorce moves to trial.
Asset Tracing in Illinois
Some spouses choose to hide assets or income in order to avoid having to divide them in a marital estate. A few ways a divorcing spouse can hide assets include:
- Hiding true income;
- Withdrawing money from bank accounts and depositing into a separate account;
- Hiding retirement accounts or true value of accounts;
- Purchasing high asset items, like art or jewelry, to exchange it for cash after divorce;
- Buying real estate property and keeping it a secret; and
- Transferring assets to another person until after divorce.
Forensic accountants are similar to detectives who search for clues on where to find hidden assets. They use different accounting techniques and skills to find concealed assets and report them to the other party and the court. Asset tracing is a skill that forensic accountants use to uncover hidden assets or income. They can follow the "money trail" to determine how and when assets have been hidden. It is important to work with an attorney who has partnered with forensic accountants and other financial professionals in the discovery process to find assets that may not have been reported.
Prevent Your Ex from Hiding Assets
Before filing for divorce, performing some investigation of your own can help prevent hidden assets. When planning a divorce, you should become familiar with your family's financial status and assets if you are not already. Gather copies of your financial documents so you can get a clear picture of how your assets should be divided when your divorce is finalized. Once you obtain all the information possible, our lawyers and forensic accounting professionals can help you find any lingering hidden assets.
If you are currently going through a divorce or suspect your spouse is hiding assets, contact The Stogsdill Law Firm, P.C. to schedule an initial consultation. Call 630-462-9500630-462-9500 to reach our Wheaton, Illinois office. We serve clients in Kane County and throughout the surrounding counties and villages.