Hidden assets

[ccm-mb]

What is the name of your state? SC

I have been divorced for over a year now but have recently discovered some items I feel my ex was hidding. We signed a seperation agreement in Nov 2004, he also formed an LLC in November 2004 which was not listed as an asset. On Feb 18, 2005 we appeared before the judge and our divorce was final. On Feb 24, 2005, his LLC had a simultaneous real estate closing where they purchased a piece of property and sold it to someone else in the same closing. The net of the transaction for the LLC was close to 1 million dollars. This just doesn't seen right. Am I entitle to any of the money made?

[nextwife]

He bought, and then sold for a profit, a property AFTER the divorce? And the LLC had no assets during the marraige? I have seen RE transactions in which a party bought on speculation and managed to find a buyer quickly, so that they "turned" the property for a profit immedfiately. Until the deal closes, anything can happen which can cause the deal to die. He should have represented that he had a potential future interest due to the accepted offer to purchase. I am uncertain if a possible future profit which may or may not actually be realized, and may or may not have occured, is marital property.

If he had acquired the property after divorce, and then his buyer failed to perform, and he ended up LOSING a million dollars, would you feel he should share the loss with you?

The million profit did not exist until he both successfully closed on the acquisition and successfully closed on the conveyance out.

[Bali Hai]

Originally Posted by nextwife

He bought, and then sold for a profit, a property AFTER the divorce? And the LLC had no assets during the marraige? I have seen RE transactions in which a party bought on speculation and managed to find a buyer quickly, so that they "turned" the property for a profit immedfiately. Until the deal closes, anything can happen which can cause the deal to die. He should have represented that he had a potential future interest due to the accepted offer to purchase. I am uncertain if a possible future profit which may or may not actually be realized, and may or may not have occured, is marital property.

It would depend on which party had the profit "potiential".
If he had acquired the property after divorce, and then his buyer failed to perform, and he ended up LOSING a million dollars, would you feel he should share the loss with you?

The million profit did not exist until he both successfully closed on the acquisition and successfully closed on the conveyance out.

OP is divorced from him now and should mind her own business and get a life.