Is There A Time Limit, After A Divorce Is Finalized In New York, To Petition For A Modification To A Final Decree, If Assets Are Later Discovered?

There is, generally speaking, a statute of limitations based on fraud. It usually runs from when the fraud is actually discovered. In New York State, it is 2 years from when the fraud is discovered (or could have been discovered “with reasonable diligence”).

What Are The Penalties If It Is Found That Someone Has Hidden Assets Deliberately In A Divorce Case?

Court penalties for hidden assets could include awarding a greater share of the assets to other party. The court could also award counsel fees, a greater amount of maintenance or child support, or monetary sanctions. Those sanctions may include an award of any amount that the party laid out to discover the hidden assets. If someone had to hire a private investigator to discover a piece of property that the other side lied about, the court could award the requesting party whatever they paid for the private investigator.

Will My Child Support Or Spousal Support Be Increased If It Is Found That My Ex-Spouse Hid Assets Throughout Our Divorce?

Any property or assets can be a factor in modification of child support or maintenance, but it is only one factor. It really goes back to whether you had a specific provision in your settlement agreement stating that the parties relied on representations made in the net worth statement in making the settlement agreement. Then, you can incorporate those net worth statements into your settlement agreement because the net worth statements will list out all of the person’s assets and properties. Otherwise, there is no way to prove that the other side did not let you know that they had certain properties.

Is There Anything Else Regarding Hiding Assets In A High Asset Divorce That Is Important For People To Know About?

You want to discuss with your attorney how much, realistically, those hidden assets might be worth. If they are worth a lot, then it may be worth it for you to get a forensic accountant and/or a private investigator involved. If you cannot afford this, then you need to get before the Judge right away with an application for counsel fees and expert witness fees. It is advisable that you already contact the proposed investigator or forensic accountant, explain exactly what you want them to do, and get them to draft an affidavit, which would be included in your interim application. Then, the court can not only make an award of counsel fees but also make a separate award for expert witness fees. If you do not include a request that you want to hire experts in your counsel fee application, you’ll likely have to take that money out of your counsel fee – which may drain the fees quickly.

For more information on High Asset Divorce In New York, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (347) 797-1188 | (914) 362-3080 today.