Finding Hidden Assets After a Divorce

 Posted on January 11, 2017 in Division of Property

When you are going through a divorce, it is imperative for you and your spouse to be completely forthcoming about your respective financial situations. Without full transparency, it is impossible for you and your spouse—or the court, when necessary—to properly divide the marital estate in accordance with Illinois law. In many cases, unfortunately, one spouse will look to manipulate the division of assets by hiding property and income streams to avoid having to share them with his or her partner. While it is often possible to address such behavior before the divorce proceedings are finalized, hidden assets may go undiscovered until after the divorce judgment has been entered. If you recently discovered that your former spouse was hiding assets during your divorce, it is not too late to take action.

Reopening Your Divorce

The first thing you should do if you have reason to believe that your ex-spouse hid assets during your divorce is to contact an experienced attorney. Your lawyer will work with you in filing a request for relief from the divorce judgment. Reopening your case is often easier if you file your motion within 30 days of the judgment being entered, but there is no statutory timeframe that limits your rights.

In deciding whether to reopen your divorce judgment, the court will likely order an evidentiary hearing. Your attorney can help you organize and present the evidence of hidden assets to the court. If the court agrees that your position has merit, your judgment will be reopened and the division of property process must be revisited.

Possible Consequences

Illinois law requires the marital estate of a divorcing couple to be divided equitably between the parties. A spouse who intentionally hides assets disrupts the ability of the court to apply the law properly. Therefore, a party who has hidden property may be subject to sanctions by the court depending on the severity of the situation.

If you need to go back to court because of hidden assets, the court may order the offending party to compensate you for attorney’s fees, court costs, and any other expenses incurred to reveal the illegal behavior. The court also has the discretion to adjust the property judgment to account for the offending party’s actions.

Considerations for maintenance and child support also take into account the financial resources of each party. Therefore, if your divorce judgment is reopened, existing orders for such support may also need to be recalculated.

Let Us Help

At Goostree Law Group, we work hard in the divorce process to ensure full financial disclosure from all involved parties. If we suspect assets are being hidden, we will employ the aid of a forensic accountant to conduct a lifestyle analysis of the spouse in question. To learn more about uncovering hidden assets during or after a divorce, contact an experienced Kane County family law attorney. Call 630-584-4800 for a free consultation today.

Sources:

http://www.forbes.com/sites/jefflanders/2012/11/14/what-are-the-consequences-of-hiding-assets-during-divorce

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

http://www.ilga.gov/legislation/ilcs/fulltext.asp?DocName=073500050K2-1203

http://www.ilga.gov/legislation/ilcs/fulltext.asp?DocName=073500050K2-1401