Can I Modify the Division of Marital Assets After the Divorce is Over?

 Posted on May 08, 2023 in Main

 Divorce officially and permanently ends a marriage. However, divorcing spouses may still be involved in each other 's lives, and there may be times when they need to return to court to modify part of their divorce decree. For example, parents who experience life changes such as remarriage, relocation, or a new job may need to modify the allocation of parental responsibilities or parenting time. Similarly, a significant change in financial circumstances may warrant modifying the child support or spousal support order.

Under the right circumstances, these types of issues may be modified after the divorce is finalized. However, modifying the distribution of marital property after the divorce is finalized is a much different issue. In this blog, we will discuss the limited circumstances in which property division may be modified after a divorce.

Changing Property Division After a Divorce

Divorcing spouses must undo the financial entanglement that occurs during marriage. Property accumulated during the marriage is typically considered marital property to which both spouses have an ownership stake. Marital property may include real estate, furniture, jewelry and other valuables, retirement funds, investment income, and more. Spouses may be able to negotiate a property division settlement, or the court may determine an equitable distribution of property based on Illinois law.

Some divorced individuals wonder if they can go back and change the division of property after the divorce is over. The answer to whether or not this is possible depends on the reasons for the proposed modification and other factors.

Typically, it is only possible to change property distribution if a spouse lied about assets or income, hid property, or otherwise manipulated the outcome of the case through financial deception. Divorcing spouses may use a variety of tactics to hide money or assets during the divorce case to avoid sharing them with the other spouse. For example, a spouse may hide money in an offshore account, transfer funds to friends and family, or stash valuable items in a storage locker. Spouses who are self-employed or own a business may fabricate financial information to make it look as if their business is much less profitable than it actually is.

If issues such as these prevented you from receiving a fair allocation of marital property, you may be able to ask the court to revisit the division of property. However, successfully doing this is very difficult, so it is highly recommended that you work with an experienced divorce attorney.

Contact our DuPage County Divorce Lawyers

If you need to make a modification to your divorce decree, contact the skilled Wheaton divorce attorneys at MKFM Law for help. Call 630-665-7300 for a confidential consultation to get started.

Source:

https://www.ilga.gov/legislation/ilcs/documents/075000050k510.htm