Discovering Hidden Assets Years After an Illinois Divorce

 Posted on January 07, 2025 in Divorce

Hiding assets so that the other spouse ends up with less than they are entitled to in a divorce is illegal, but it is still something many people try to do. There are various steps courts take to prevent this and to ensure a just division of assets, including granting the other spouse a disproportionately larger amount in the divorce to make up for what the hiding spouse tried to conceal.

What happens when you do not discover that your spouse was hiding assets until years after your divorce was finalized? Is there any way to be compensated and to hold your ex accountable? If you find yourself asking these questions, speak with a qualified Chicago, IL family law attorney to learn more.

Reopening a Divorce Case

Hiding assets refers to when someone is intentionally dishonest about the assets they have so they do not need to divide them with their spouse in their divorce settlement. In Illinois, it is considered a form of fraudulent concealment, and if you can prove that it happened, you might be able to get your divorce case reopened, which could result in getting your divorce decree modified or vacated in a way that benefits you.

You would need to prove that your ex intentionally hid the assets, the assets were significant, and there was no way for you to discover them any sooner than you did.

Keep in mind that there is typically a two-year time limit for filing a motion to reopen the case. Luckily the two-year clock does not start from the date of your divorce but rather from when you discovered the hidden assets or when you reasonably could have discovered the fraud. Petitions filed longer than two years later can make it hard or even impossible to get a case reopened.

Proving Hidden Assets

You need to offer compelling evidence that your ex hid assets from you during the time you were finalizing your divorce. Examples are:

• Financial records: Bank statements, credit card statements, and tax returns showing discrepancies with what was declared.

• Witness testimony: Friends, family, colleagues, and others can testify if they knew that your ex had assets that were not disclosed during the divorce.

• Expert analysis: Forensic accountants can examine financial records and uncover hidden assets that were not addressed in your divorce settlement.

The process of proving your ex hid assets during your divorce can be time-consuming and expensive. Added professionals you might want to hire, including attorneys, investigators, or forensic accountants, can increase the cost and the time the process takes. That is why it is so important to work with a reliable lawyer you can trust to represent you and your best interests.

Schedule a Free Consultation with a Cook County, IL Hidden Assets Lawyer

If you discover that you got an unfair divorce settlement because your ex chose to hide assets, you might be flooded with a host of negative feelings like anger, frustration, and disbelief. At The Law Office of George J. Skuros, we understand how vulnerable you may feel and we are passionate about creating a strong case that can protect your rights and interests. Call us at 312-884-1222 to schedule a free consultation with a Chicago, IL family law attorney today.