How Can a Court-Appointed Financial Expert Help Your Illinois Divorce?

 Posted on February 28, 2025 in Divorce

When you realize you are headed toward a divorce, you might feel overwhelmed before the process even begins. Hiring the right professional to advise you and be by your side throughout can make a big difference in your entire experience.

Going through a divorce can be overwhelming financially just as much as emotionally. In Illinois, issues like property division, spousal support, and child support often involve complex financial matters, and some people find that they would appreciate consulting with a Certified Public Accountant (CPA) or a court-appointed financial expert. At The Law Offices of Curtis Bennett Ross, L.L.C., our Illinois divorce lawyer is also a court-appointed financial expert and a CPA, and the legal guidance he can offer is invaluable.

What Does a Court-Appointed Financial Expert Do?

A court will typically appoint a financial expert to a divorce case when financial matters that can impact the proceedings need to be assessed and given an impartial analysis. Whether clarification is needed for the division of assets, spousal support, or other monetary disputes, their knowledge can significantly streamline decisions. 

This role can be particularly important in high-asset divorces or when financial matters are complex or disputed, although the advice of a financial expert is always welcome regardless of the situation. In divorces, their main functions include:

Valuing Assets

When a marital estate includes complex assets like real estate, investments, businesses, or retirement accounts, a financial expert can determine their fair market value.

Analyzing Income

If one spouse has variable income or owns a business, a financial expert can assess their true earnings, which is crucial for determining fair calculations of child and spousal support.

Determining Separate vs. Marital Property

When disputes arise about whether certain assets are separate or included in the marital estate, for example, anything acquired before the marriage or inherited, a financial expert can trace financial records to determine the answer.

Uncovering Hidden Assets

If you suspect that your spouse might be concealing assets to manipulate the proceedings and avoid giving you a fair divorce settlement, a financial expert can investigate tax returns, business transactions, and other financial records to get to the bottom of it.

Calculating Financial Scenarios

A financial expert can provide various models to help all parties understand how different scenarios for aspects like property and debt division, child support, and spousal support might impact both spouses. This helps clients make informed decisions.

Contact a Skokie, IL Divorce Lawyer for Complex Asset Division

If you are getting a divorce and there are many questions and concerns about your marital financial state of affairs, speak with a qualified Chicago, IL divorce attorney who is also a CPA and court-appointed financial expert. When attempting to resolve financial conflicts, you want someone who understands exactly what you are talking about and will work tirelessly to ensure that you end up with a fair settlement that you can feel comfortable with. Call The Law Offices of Curtis Bennett Ross, L.L.C. at 312-984-1514 to schedule a private consultation where you can learn more.