Can I Modify the Division of Property After My Illinois Divorce?

 Posted on January 29, 2021 in Post-Decree Matters

It can sometimes take a long time for a couple to come to the realization that their marriage should end. Regardless of the reasons for the relationship breakdown, sometimes it is for the best. The legal process of ending a matrimonial union involves many steps and decisions regarding various issues. Divorce laws vary by state, but in Illinois, the division of property follows the equitable distribution method. This means that marital property and assets are divided in a fair way, but not necessarily 50/50. Any property that is acquired during the marriage is subject to division. However, if your ex-spouse did not disclose all of his or her financial information, the divorce settlement is likely unfair. With the help of an experienced divorce attorney, you may request a modification of the property division orders.  

Hiding or Dissipating Assets

It is possible that your former spouse hid or dissipated assets toward the end of your marriage in order to gain a financial advantage in the final proceedings. For example, if there is less money in a bank account, there is less to split. There are several ways that someone can engage in these deceitful behaviors. Spending or wasting funds after the relationship has irretrievably broken down is considered dissipation of assets. Hiding property by putting it in another party’s name or assigning it a lower value are examples of ways that a spouse can be untruthful during the divorce process. 

Requesting a Change 

Typically, property settlement determinations cannot be modified once a divorce is final unless both parties agree to a change. Sometimes, after a divorce, one spouse may feel guilty for not disclosing pertinent information during the divorce and decide to “come clean”, essentially allowing the other spouse to receive his or her appropriate award. In other cases, a judge will determine what property a spouse may be owed by considering several factors. These factors can include whether one spouse earns a higher income, the health of each party, the allocation of parental responsibilities if children are involved, and whether spousal or child support was awarded in the original decree. Along with an attorney, financial professionals such as accountants or appraisers can help uncover hidden assets. Retirement accounts, for example, can be difficult to value. By carefully analyzing financial records and statements, discrepancies may be discovered. Under these circumstances, you may be eligible to obtain a change of the original settlement, so that you receive additional property or a greater share of the assets, to make the settlement fairer. 

Contact an Oak Park Divorce Attorney

Sometimes divorce judgments may have been based on false information, which unfairly give one spouse a financial advantage over the other spouse. In such situations, our long-established Hillside, IL divorce lawyer can help you modify your existing decree. The highly experienced legal team at the Law Office of Vincent C. Machroli, P.C. has an established record of success in resolving numerous types of family law issues. Mr. Machroli has over 33 years of experience practicing in divorce courts, and he is happy to review your situation. Schedule a free consultation by calling our office today at 708-449-7404. 

Sources:

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm

https://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2086&ChapterID=59