Hidden Assets and Omitted Assets

Omitted or “After-Discovered” assets are those discovered after the divorce Judgment is complete, which were not dealt with in the Judgment. If a party has hidden the asset from the other party, in example by failing to disclose it in the mandatory disclosures process (“Declarations of Disclosure”), then 100% of the hidden assets can be awarded to the spouse from which the asset was hidden, pursuant to Family Code 2602 and 1101(H). A family by the name of Rossi leant their name to the flagship case on this topic, involving a situation where upon learning of one’s winning lottery ticket, this spouse’s greed led them to conceal the ticket until after divorce. The harsh rules cited above were invoked upon discovery of the plot and the spouse concealing the lottery ticket forfeited their would be half of the community asset-receiving 0%. IRMO Rossi 90 Cal.App4th 34 (2001).