The World Population Review estimates that Illinois has roughly 6.2 divorces per 1,000 people yearly. That means, in 2022, there were roughly 78,000 divorces. Many of those marriages involved couples who shared a business, which can cause some complications.
If you find yourself embroiled in a divorce with a complex financial situation, the skills of a forensic accountant could be instrumental in ensuring a fair divorce settlement.
The value of a forensic accountant
A forensic accountant brings a unique set of skills that can be extremely beneficial in a divorce, particularly when there is a business involved. They go beyond the surface-level financial documents to investigate any signs of financial fraud or misconduct. They can dig into complicated financial transactions, identify hidden assets and trace unaccounted-for funds.
The work of a forensic accountant can help in ensuring you get a fair division of marital assets. A forensic accountant can accurately evaluate the worth of your shared business, taking into account factors like profitability, market trends and growth projections. This information is important in assessing how much your share of the business is worth.
Forensic accountants and marital assets
In divorces, there can be a range of financial complexities to unravel. Illinois law requires an equitable distribution of all marital assets, which includes not only physical property but also stocks, retirement accounts and business interests.
A forensic accountant can meticulously analyze these assets, ensure their accurate valuation and prevent any underhanded tactics. They can help in identifying assets that one spouse might have overlooked or undervalued, ensuring a fair distribution of assets for both parties.
While a divorce can be a stressful time, having the right professional guidance can make the process more manageable and fair for everyone involved.