Finding Hidden Assets After Your Divorce Is Finalized

 Posted on June 28,2018 in Divorce

When you are navigating the process of divorce, you and your spouse must be open and honest about your individual finances and those you share as a couple. Without both parties being forthcoming, you will not ever be able to divide your marital property as prescribed by Illinois law. Even the court will not be able to make such decisions without all of the necessary information.

Unfortunately, is not uncommon for one spouse to hide property and revenue streams in an effort to keep them away from the asset division process. While it may be possible to track down these assets before a judgment is entered, sometimes the property will remain hidden until the divorce has been finalized. If you have recently gotten divorced and you just found out that your ex was being deceptive during the process, you can still take action to remedy the situation.

Getting Your Divorce Reopened

The first step in addressing the issue of hidden assets after a divorce is to enlist the help of a qualified divorce lawyer. Your attorney can help you with filing a petition for relief from the judgment of divorce in its current form. Essentially, your petition will state that the judgment should be set aside and the case should be reopened in light of the newly discovered assets. It is much easier to have your case reopened within the first 30 days of the entry of the judgment, but the law allows your case to be reopened at any time if there is a sufficient reason to do so.

Before formally reopening your case, the court will probably order a hearing to discuss the new evidence. Your lawyer will help organize and present your side and the evidence of concealed property. If the court finds in your favor, your divorce will be reopened.

The Effects of Additional Assets

According to Illinois law, marital property must be divided fairly between divorcing spouses. Hidden and undisclosed assets prevent this from happening. Thus, the offending spouse may be subject to certain sanctions, depending upon the extent and nature of the deception.

The court is likely to amend your property settlement to account for the offending spouse’s actions and the additional assets. Orders for child support and spousal maintenance could also be affected as well because those determinations are based, in part, on each spouse’s financial resources. Finally, the court could also require your ex to cover your costs associated with going back to court, including attorney’s fees and other necessary expenses.

Call Us for Help

At A. Traub & Associates, our experienced Lombard divorce attorneys work hard to ensure that each spouse provides a full financial disclosure during the divorce process. We are also equipped to help reopen your divorce, even if you used a different lawyer during original case. To learn more about how we can assist with your case, call 630-426-0196 today.

Source:

http://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2086&ChapterID=0