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91_SB0761
LRB9105738BBpc
1 AN ACT to amend the Illinois Marriage and Dissolution of
2 Marriage Act by adding Section 511.1.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Marriage and Dissolution of
6 Marriage Act is amended by adding Section 511.1 as follows:
7 (750 ILCS 5/511.1 new)
8 Sec. 511.1. Hidden marital assets.
9 (a) This Section may be cited as the Hidden Marital
10 Assets Law.
11 (b) Where a party to an action for dissolution of
12 marriage knowingly fails or refuses to disclose to the other
13 party, or knowingly misstates, information relating to the
14 value, location or existence of any asset required to be
15 disclosed prior to the entry of an order disposing of
16 property under Section 503 of this Act, which is material to
17 the disposition of property under Section 503, and the asset
18 had a value of at least $10,000 at the time of the failure to
19 disclose, the party entitled to disclosure may, at any time,
20 seek to have any such order set aside or reopened with
21 respect to the asset or assets, and have the asset, or any
22 asset directly or indirectly derived from its use, benefit,
23 disposition, or sale, be valued or determined. If the court
24 finds that any such asset was required to be disclosed and
25 that the party knowingly failed or refused to make such
26 disclosure, or knowingly misrepresented the unencumbered
27 value, location, or existence of the asset or assets, the
28 court may order any such asset or any asset directly or
29 indirectly derived from its use, benefit, transfer,
30 disposition, or sale, or any portion of it or of its value or
31 of the value of any asset derived directly or indirectly from
-2- LRB9105738BBpc
1 its use, benefit, transfer, disposition, or sale, as the
2 court finds warranted by the circumstances, to be forfeited
3 to the party originally entitled to, but denied, disclosure.
4 (c) In assigning, forfeiting, or disposing of property
5 where a order or agreement has been reopened under this
6 Section, the court shall take into consideration and make
7 accommodation for the rights of any bona fide purchaser for
8 value of the asset or assets, which accommodation may include
9 but is not limited to vesting title in the bona fide
10 purchaser and requiring the non-disclosing party to pay the
11 party denied disclosure from assets unrelated to the
12 undisclosed asset. The court shall award attorney's fees and
13 costs against any party found guilty of knowing failure to
14 disclose an asset required to be disclosed, as well as the
15 costs of any investigator, accountant, forensic accountant,
16 actuary, or other expert witness employed for the purpose of
17 discovering or valuing the asset. The provisions of this
18 Section shall be in addition to and supplemental of the
19 provisions relating to post-judgment relief provided in
20 Section 2-1401 of the Code of Civil Procedure, and where a
21 provision of this Section is in conflict with Section 2-1401
22 or with any other provision of law relating to post-judgment
23 relief, the provisions of this Section shall control.
24 (d) Asset valuation under this Section may be proven by
25 any generally accepted accounting or actuarial principles.
26 (e) Bona fide belief, reasonably based in fact or in
27 law, that the asset or asset information whose nondisclosure
28 or misrepresentation is alleged to serve as a basis for an
29 action under this Section was not subject to disclosure shall
30 be an affirmative defense to any proceeding under this
31 Section.