17 Feb Can I Revise My Divorce Agreement if Hidden Assets are Discovered after the Settlement?
While you would hope that your spouse will be open and honest about all assets during a divorce proceeding, this isn’t always the case. In many instances, one spouse will try to hide assets from the other in order to avoid having them included as marital property in the divorce. Hopefully these hidden assets get discovered before a settlement is reached, but there are times when the existence of these assets doesn’t come to light until after the divorce agreement is finalized.
In this situation, can you reopen your case to receive your rightful share of these assets? Unfortunately, this is a complex question with a terribly vague answer: it depends.
Time is of the essence in these cases. Under New Jersey law, you only have one year after your divorce is settled to pursue a claim to redistribute hidden assets. However, this time restriction isn’t the only roadblock you must get past.
New Jersey law states that in order to have a divorce judgment reopened, you must prove one of the following criteria to be true:
- There was an error, surprise, or excusable neglect
- Evidence was recently discovered that would have changed the judgment, but this evidence wasn’t available at the time the divorce was finalized
- Fraud or misrepresentation was committed by one party
- The judgment was void or discharged
In general, the most common reason used for convincing a judge to reopen a case is fraud. In absence of fraud, it can often be very difficult to prove the other criteria listed above.
Jeffrey M. Bloom works with a team of investigators, including forensic accountants, in order to uncover any hidden assets before your divorce agreement is finalized. This attention to detail usually ensures that all assets will be accounted for during the discovery period. However, in the event that you discover your ex-spouse has hidden assets from you, Mr. Bloom will fight aggressively to convince the court to reopen your case.
If you need assistance with a divorce matter, please contact the Law Offices of Jeffrey M. Bloom using the form at the top right side of the page or call (855) 208-3650 today to schedule your consultation. Mr. Bloom serves clients in Ridgewood, West New York, and throughout Bergen and Hudson Counties, New Jersey.
