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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.
When the parties cannot reach an agreement on property division, the Illinois court will divide all the property and debts for them equitably. When a property settlement is finally reached, it must be in writing and signed by both parties.
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