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Hearing the term “forensic accountant” might make you think of white-collar criminal investigations. However, there is much more to what a forensic accountant does than handle complex fraud investigations. Many work on divorce cases in which there is a concern with one spouse’s financial behaviors. Being married does not mean that your spouse has the right to do whatever they please with marital funds. In a divorce, accounting for what has happened to missing or misused marital funds may be very important during division of property. If your spouse unilaterally wasted marital funds on things like an adultery partner, drugs, or gambling, you may be entitled to recover your share of those funds in divorce. This is referred to as “dissipation of marital assets.” The other possibility is that your spouse could be hiding marital funds from you in an effort to avoid giving you your fair share during divorce. If you suspect that either of these is true, a forensic accountant may be able to help you.
Divorce cases can be complex, especially when it comes to addressing the financial aspects of ending a marriage. In cases where a spouse does not work outside the home, they may be concerned about how they will support themselves and address various financial issues after their divorce. However, it is important to recognize that even if a spouse does not currently earn an income, their contributions to their marriage as a homemaker or stay-at-home parent should be recognized, and they should be able to maintain financial stability, regardless of their marital status. In these situations, a couple will need to determine whether spousal support, also known as alimony or maintenance, will be a factor that will need to be addressed in their divorce.
In some marriages, one spouse may have chosen to forego a career or reduce their work hours so that they could focus on household responsibilities or caring for the couple’s children. This decision often results in an economic imbalance between the spouses. The homemaker spouse may rely on the income earned by the other spouse to cover the family’s expenses. If a homemaker has been out of the workforce for an extended period, they may be concerned about their ability to meet their own financial needs if they choose to begin working again.
There are two types of custody, generally - physical and legal custody. Illinois uses the term “parenting time” to describe physical custody. Parenting time is a term used to describe the time a parent spends with their child physically in their care. Legal custody is called “parental responsibilities” in Illinois. Parental responsibilities is a term used to describe the decision-making responsibility of a parent. This decision-making responsibility can be shared between two parents, or it can be granted to one parent exclusively. The parent or parents with legal custody are tasked with making important decisions about the child’s upbringing and environment. Many parents who are divorced or living apart do not see eye to eye regarding some of these decisions. While both joint and sole legal custody have benefits and drawbacks, arrangements where one parent has sole responsibility for making choices about the child’s life can reduce conflict and protect the child. However, Illinois courts are generally reluctant to exclude either parent from the decision-making process. If you believe that having sole legal custody would be best for your child, it is important to involve an attorney early on in the process.
Most parenting time disputes and other child custody issues today are resolved out or court, often through mediation. However, a small number of cases will need to be heard and decided by a judge. If your divorce is going to be contested, then you should prepare for your child custody issue to be litigated. This can be stressful for everyone involved. You may be wondering what kind of evidence the judge will consider when determining which parent your child should spend more time with and what the visitation schedule will look like. You should know that it is exceedingly rare for one parent to be completely cut off from their child. This generally only happens when a parent has abused that child or has other significant issues that suggest that parent is not safe for a child. If you are facing a contested child custody case, it is essential that you are represented by an attorney as these cases can be complex and evidence-intensive.
Divorcing your abusive spouse is likely the best thing you can do for yourself and your child. People who will abuse their spouse are likely to also abuse their children one day if they have not already begun. Violence in the home can have a major impact on a child’s mental health. Even if you have largely kept the abuse hidden from your child’s view, children are remarkably perceptive and may be aware of what is happening anyway. Children who have seen a parent being abused by their spouse may be traumatized by the experience. However, domestic violence does not need to define their childhood or the rest of their life - or yours. There are steps you can take to help your children recover from what has happened during your abusive marriage. An attorney should be the one handling the legal issues in your divorce so that you have the time you need to focus on your family.
One of the most complex issues in an Illinois divorce is deciding how the marital estate will be divided between the two spouses. This can become even more difficult when the couple owns a business or one spouse has a significant interest in a company. Determining the value of a business is essential for the equitable distribution of marital assets. It is also one of the many important reasons why you should have a skilled divorce attorney representing you.
The primary purpose of a business valuation in divorce is to determine the fair market value of the business. This value needs to be accurately determined for the division of assets, ensuring that both spouses receive a fair share of the business's worth.
Business valuations are usually conducted by professional valuators or forensic accountants. These experts have specialized knowledge and experience in assessing a company’s worth based on various factors such as financial statements, market conditions, industry analysis, and other relevant factors.
Prenuptial agreements, often shortened to prenups, can sometimes be a controversial topic. Many misconceptions surround their purpose and use, and they can be a delicate subject to broach with a future spouse. This blog aims to clear up common misconceptions surrounding prenuptial agreements and highlight their value in certain situations. Despite the doubts many people may have, prenups can be incredibly beneficial.
A prenuptial agreement is a legal document that couples prepare before they get married. Its purpose is to define each person's financial rights and obligations if they ever get divorced. It is important to note that prenups are not only for wealthy people. They can be helpful in many different situations, which we'll discuss in more detail.
A prenuptial agreement is designed to protect the individual rights and assets of both parties in a marriage. There are several reasons why a couple might choose to have a prenup, such as:
It is essential for parents going through divorce or separation to have a clear understanding of child custody laws. This will help them navigate the complex procedures involved. In this article, we will discuss the most prevalent forms of custody in Illinois, the factors that determine them, and both parents' rights.
Child custody in Illinois is categorized into legal custody and physical custody. Legal custody refers to decision-making responsibilities, while physical custody involves the actual time spent with the child or parenting time.
In Illinois, decision-making responsibility (previously known as legal custody) refers to important decisions regarding the child's upbringing, including education, healthcare, and religion. Parents may agree to share these responsibilities and submit a joint proposed parenting plan to the court. If they can't agree, they must attend mediation. If mediation fails, a judge will determine the allocation of these responsibilities, prioritizing the child's best interests.
Marital assets, those assets that were acquired during the marriage, are distributed equitably to the spouses during a divorce. Unfortunately, some spouses try to hide assets so they do not have to share them with their soon-to-be former spouse. Here are five signs that a spouse may be trying to hide assets during a divorce and what to do to find them:
If your spouse’s lifestyle suddenly changes without any explanation or obvious reason, it could be an indication that they are spending marital funds on themselves in order to conceal them from the division of assets. It is important to investigate this and document any sudden changes in spending habits.
If financial records such as bank statements, tax returns or credit card statements are missing or incomplete, this could mean that your spouse is attempting to cover tracks by hiding these documents. A divorce lawyer can help review the records and uncover the truth.
When couples sign a prenuptial agreement, they expect that it will be enforced by an Illinois court in the event of a divorce. However, there are circumstances when a prenuptial agreement will be unenforceable. A court views a prenuptial agreement just like any other contract, and there are times when it can be thrown out entirely. You should always get help from an experienced prenuptial agreements attorney before signing the agreement. Here are some reasons that a prenuptial or premarital agreement may be unenforceable.
Any contract cannot be unconscionably skewed in favor of one party. If the terms of the prenuptial agreement are grossly unbalanced, the court may view the contract as unfair and set it aside. It is crucial when negotiating an agreement to try to be fair and reasonable. If the deal seems “too good,” it may not be upheld in the event of divorce in the future.
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