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How to Handle Undisclosed Assets After a Judgment of Dissolution of Marriage has Already Been Entered?
In any divorce proceeding, there could be assets that were not disclosed, or disposed of, within the context of a dissolution of marriage proceeding, whether the case was concluded by settlement or through any rulings by the Court.
The undisclosed assets may be the result of lack of information, carelessness in not disclosing same, misunderstanding or intentionally attempting to conceal assets.
If there are undisclosed assets that were not before the Court with respect to any rulings and/or agreements or final disposition, an appropriate motion can be filed with the Court identifying the undisclosed asset, and explaining what occurred and identifying relief being sought from the Court.
The above process may not reopen the entire case solely because of undisclosed assets. Rather, depending on facts and circumstances, the Court that entered the Judgment of Dissolution of Marriage may have jurisdiction to take up and rule upon any undisclosed assets that should have been considered and ruled upon in the previously entered Judgment of Dissolution of Marriage.
In dividing property, the Illinois court considers all relevant factors including the contribution of each party to the value of the property, particularly the contribution of a spouse as a homemaker, the value of the property distributed to each spouse, the length of the marriage, the financial situation of each spouse when the property is divided, (such as the need to give the family home to the spouse who has custody of the children), any obligations and rights arising from a prior marriage of either party, the age, health, station, occupation, income, vocational skills, employability, estate, liabilities, and needs of each of the parties, the custody of any children, and the reasonable opportunity of each spouse for future acquisition of capital assets and income.
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