Forensic accounting is the practice of looking at paperwork and finding irregularities or evidence of fraudulent conduct. It is often used when auditing companies, but it may also be used during property division in cases of contentious divorce where large amounts of assets are jointly owned. It is especially useful when a business or businesses are owned by parties in the divorce as this may be a way that one spouse "hides" money from the other spouse or masks an income.
One of the most stressful aspects of divorce can be the division of property, and gifts and inheritances in equitable distributions states, such as Illinois, can make this division even more contentious. With this in mind, spouses should clearly establish what is separate versus what is marital property in order to protect their individual inheritances and gifts in case of a divorce.
Illinois spouses who may be facing a divorce may be interested in an article discussing the trend toward a higher rate of later-life divorces. Certain factors should be taken into account with regard to asset division in such a divorce.