When high-net-worth couples go through a divorce in Illinois, the financial aspects often become the most contested part of the process. Dividing complex assets such as business interests, investment portfolios, real estate, and retirement accounts requires careful attention to detail. We’ve worked with many clients facing these issues, and in these situations, forensic accounting can play a key role in protecting financial interests. The higher the value and complexity of the marital estate, the more important it becomes to uncover and verify all income, property, and liabilities.
Illinois is an equitable distribution state, which means marital property is divided fairly but not necessarily equally under 750 ILCS 5/503. Before property can be divided, however, the court needs an accurate picture of the entire marital estate. When one spouse controls the finances or when there are concerns about hidden assets, forensic accountants help us uncover what may not be immediately visible through standard financial disclosure.
Forensic accounting is not just about tracing money—it’s about identifying inconsistencies, assessing the value of assets, and supporting a fair division of property. In high-net-worth divorces, we often bring in forensic accountants to trace separate and marital property, analyze business income, review tax filings, and calculate the true value of investments. These professionals give us the financial clarity we need to advocate for a fair and just result for our clients.
One of the most common concerns in a high-net-worth divorce is whether a spouse has hidden assets or understated income. A forensic accountant can review tax returns, bank statements, credit card records, business books, and other financial data to identify inconsistencies or red flags. In some cases, funds may have been transferred to family members or offshore accounts in an attempt to keep them out of the marital estate. If these actions are uncovered, the court may consider them when dividing property or awarding attorney’s fees.
Another issue in Illinois divorces is determining what is considered marital property and what is separate non-marital property. Under 750 ILCS 5/503(a), marital property includes all property acquired during the marriage, while non-marital property includes assets acquired before the marriage or by gift or inheritance. But in high-asset divorces, the lines can get blurred, especially when non-marital property was used to purchase marital property or when non-marital accounts were commingled.
Forensic accountants help trace the origin of assets and determine whether they should be considered part of the marital estate. This is critical when one spouse contributed separate funds to a business or used inheritance to purchase a home.
If one or both spouses own a business or professional practice or hold private equity investments, forensic accounting becomes essential. Unlike publicly traded assets, the value of a business is not always clear. We work with forensic accountants who understand how to review financial statements, assess market trends, and consider goodwill to determine an accurate business valuation. This process helps ensure that both parties receive their fair share.
Forensic accounting can also help establish the true income of a spouse, which is essential for calculating maintenance (spousal support) and child support. Under 750 ILCS 5/504 and 5/505, the court considers each party’s income and needs when determining support. If one party is underreporting earnings or disguising income through a business, forensic analysis can bring the truth to light.
A forensic accountant investigates financial records to identify hidden assets, trace funds, value complex assets, and verify income. In high-net-worth cases, their analysis supports fair property division and accurate support calculations.
Yes. Forensic accountants can analyze transaction histories, tax records, and asset transfers to uncover accounts or property that were not disclosed. They also review unusual patterns that suggest concealment.
In high-net-worth cases, yes. Investment in forensic accounting often prevents larger financial losses and ensures transparency. It provides a detailed view of assets that might otherwise be missed.
If a court finds that a spouse intentionally hid assets, it may penalize them by awarding a greater share of the estate to the other spouse under 750 ILCS 5/503(d). The court may also order payment of legal fees.
Yes. They analyze financial records to determine a spouse’s true income, which is necessary for calculating maintenance under Illinois law. This is especially useful when income is irregular or hidden within a business.
We can bring in a forensic accountant to perform an independent business valuation. They’ll review financial documents and market data to determine whether the reported value is accurate.
A forensic accountant may be hired by one party or jointly. If hired independently, they advocate for their client. In some cases, both parties agree to use a neutral expert to simplify the process.
Yes. Forensic accountants often prepare written reports and may testify in court as financial experts. Their findings can have a significant impact on property division and support rulings.
At Gordon & Perlut, LLC, we represent clients facing high-stakes divorce matters with significant financial concerns. If you believe forensic accounting may be needed in your case, we’re here to help you understand your options and protect your financial future.
If you’re facing divorce, contact our Chicago divorce attorney at our Chicago office at 312-360-0250 or our Skokie office at 847-329-0101 to arrange a free consultation. We serve clients throughout Illinois with skill, clarity, and commitment.