Discovering Hidden Assets Years After a Divorce

 Posted on January 30, 2025 in Division of Property

According to one survey, almost 63 percent of the women who participated felt "strongly" that their husbands had hidden assets during the divorce process. This is a substantial number of divorced wives who believe they may have been cheated out of marital assets. Hiding assets can take many different forms, but it is never a good idea to be less than honest in the financial disclosure portion of a divorce.

Most people believe that once a divorce is over, it’s over, and nothing can be done about a bad financial agreement or failure to follow up on those gut feelings that said "he’s hiding assets." While this is true in many cases, there are certain situations where there can be recourse for a spouse who hid assets during the divorce. If you find yourself in a similar situation, it can be helpful to speak to an experienced Rolling Meadows, IL family law attorney.  

What Happens When You Discover Your Spouse Really Was Hiding Assets?

You may have had a feeling your spouse was not entirely truthful in his financial disclosures but did not know how to prove your suspicions. Perhaps you were in the middle of a really contentious divorce and simply wanted it to be over.

While this is understandable, the financial settlement a spouse receives during a divorce can set the stage for how the next decade or so will go from a financial standpoint. Failing to get the marital assets you are entitled to can leave you struggling financially for a very long time.

While very rare, a divorce case can sometimes be re-opened if one spouse discovers much later that the other was deliberately dishonest regarding marital assets. In the state of Illinois, this type of behavior is known as fraudulent concealment. If one spouse discovers within two years that there was deliberate concealment of assets, the divorce may potentially be re-opened.

This two-year time period is not from the date of your divorce but from the time you discovered or should reasonably have discovered the fraud, so this time period could be as long as five years. Keep in mind that the burden of proof is on you to show your ex-spouse deliberately hid assets those assets were substantial in nature, and you could not reasonably have discovered the concealment any sooner.

How Do You Prove Your Ex-Spouse Hid Assets?

Perhaps your ex-spouse claimed he had lost all marital investment money during a stock market dip. At the time, you may have believed him, or you may have not disbelieved him enough to hire a professional to validate the numbers he presented. Compelling evidence of deliberate financial deceit can be potentially proven in the following ways:

• A paper trail of credit card statements, tax returns, and bank statements could potentially show discrepancies when compared to what your spouse stated on financial disclosure paperwork.
• Friends, family, colleagues, and others may have come forward since your divorce to tell you they knew your ex-husband was hiding assets.
• Forensic accountants can examine all financial records to uncover hidden assets.

Unless the amount hidden by your ex is fairly significant, not only will the court probably refuse to re-open the divorce, but proving your ex-spouse hid assets can be expensive and time-consuming. Because of this, you need to carefully weigh the potential financial benefits against how much it will cost to prove your ex-spouse lied.

Contact an Arlington Heights, IL Divorce Lawyer

If you have solid evidence that your ex-spouse deliberately deceived you and the court about his level of financial assets, speaking to a Rolling Meadows, IL divorce attorney from Law Offices of Donald J. Cosley can be beneficial. Attorney Cosley personally handles all aspects of his cases; when you call the office, you will speak to him and will never be handed off to a paralegal or other staff member. Call 847-253-3100 to schedule your free consultation.