Do I Need a Forensic Accountant for a High-Net-Worth Divorce in Illinois?

 Posted on July 29, 2025 in Divorce

When a divorce involves significant assets, the financial issues can become incredibly complex. High-net-worth couples often share investment portfolios, real estate, business interests, and retirement accounts. In these cases, ordinary financial disclosures may not be enough. You may need the help of a forensic accountant. This person is trained to dig deeper into financial records and provide expert insight. A skilled Geneva, IL high-asset divorce lawyer can work alongside a forensic accountant to protect your financial interests during the divorce process.

What Is a Forensic Accountant?

A forensic accountant is a financial specialist who analyzes records to uncover facts that may be important in legal disputes. In a divorce, this might include reviewing tax returns, bank statements, business records, and other financial documents to determine the true value of assets and income. These professionals are especially useful in high-net-worth cases where finances are more complicated and less transparent.

How Can a Forensic Accountant Help With a High-Net-Worth Divorce in Illinois?

In a high-net-worth divorce, a forensic accountant may assist by:

• Gathering financial evidence: They review detailed financial records, including tax returns, bank statements, and credit reports. This information can be critical during the discovery phase of divorce. Under Section 501 of the Illinois Marriage and Dissolution of Marriage Act, each party must provide full financial disclosures, and forensic accountants can help ensure the information is accurate and complete.

• Characterizing marital and non-marital property: According to 750 ILCS 5/503, only marital property is divided during a divorce. A forensic accountant can help trace the source of funds used to acquire assets, especially when separate and marital property have been commingled.

• Uncovering hidden assets: In some divorces, one spouse may try to hide income or assets. Forensic accountants use various techniques, such as lifestyle analysis and transaction tracing, to uncover these assets. Their work can support a request for adjustments in the property division if either spouse is found to have acted dishonestly.

• Business valuations: If either or both spouses own a business, it must be properly valued before it can be divided. This can include analyzing balance sheets, income statements, and market conditions. A forensic accountant can determine the fair market value of a company, which is essential for equitable division under Illinois law.

The Role of Expert Testimony in an Illinois High-Net-Worth Divorce

In many high-net-worth divorces, a forensic accountant is not just a behind-the-scenes investigator. They also serve as expert witnesses in court. Their professional opinions help judges understand complex financial matters and evaluate claims made by each spouse. Illinois courts give significant weight to this type of expert testimony, particularly when deciding issues like property division and spousal maintenance.

Under 750 ILCS 5/504, courts consider several factors when deciding about spousal maintenance, also known as alimony. Forensic accountants can present clear evidence about financial conditions and historical spending that supports or challenges claims for support.

In addition, their findings can be used during settlement negotiations. Their objective analysis can often help the parties reach agreements without the need for a trial. However, when disputes do go to court, expert testimony from a forensic accountant can be a decisive factor.

Contact a Kane County, IL High-Net-Worth Divorce Attorney Today

At Serrano Hanson & Hurtado, LLC, our attorneys bring years of experience not only as divorce lawyers, but also as former prosecutors, criminal defense attorneys, judicial clerks, and more. This diverse background allows us to handle difficult financial cases with skill and precision. We are committed to serving clients from all backgrounds with care and professionalism. To get started, call 630-844-8781 to schedule a free consultation in English or Spanish with one of our experienced Geneva, IL high-net-worth divorce lawyers today. Hablamos Español.