Divorce proceedings can be complex and time consuming. Once a divorce is finalized, one may consider that to be the end of the matter, and, in the majority of cases, that is true. For a few California residents, important information regarding hidden assets may come to light at a later date. This may necessitate a re-evaluation of the original settlement.
Carol Lee Sculley, known as Leezy, is the ex-wife of John Sculley, former CEO of Apple. The couple’s divorce was finalized in 2011; however, Ms. Sculley sued Mr. Sculley in 2013, accusing him of making false declarations to the court about his assets at the time of their divorce. She claims that over a period of several years, beginning around 2000, Mr. Sculley concealed in excess of $25 million in internationally held assets. She also alleges that he was assisted by his brothers in this endeavor through the use of a company which the men started together.
The intricacies of the financial records being examined mean that the case is progressing slowly. Mr. Sculley’s attorney has given no response to the allegations. A spokesperson has made a statement on his behalf, making it clear that he refutes any suggestion of impropriety. There is no indication at this time of how long it may take for a full investigation to reveal the truth.
While the figures involved in this instance may be exceptional, the principle is the same regardless of the value. California is a community property state, which means that all income earned during a marriage is considered a joint asset. If one uncovers information at a later date that points to the possibility of hidden assets during divorce proceedings, it may be possible to have the court reopen one’s divorce case in hopes of renegotiating the settlement. Appropriate advice and guidance can assist one as he or she pursues the assets to which he or she believes to be entitled.
Source: pagesix.com, “Former Apple CEO being sued by ex for ‘hiding millions’ in divorce“, Emily Smith, Jan. 25, 2015