When going through a divorce, one of the hardest parts for most people involves division of assets. This is especially true for divorces of high conflict. It can feel terrible to hand over portions of your estate to an ex-spouse, after all.
But you should not attempt to hide assets, and you should act quickly if you think your spouse is attempting to do so. After all, there are major consequences for making this decision.
Lying under oath
Forbes discusses the action of hiding assets and what it means in divorce. First, hiding assets means you are lying under oath. After all, when you enter into a divorce, you take an oath to be honest about financial matters during division. Lying under oath is a serious penalty with severe consequences.
First, the court will hold you in contempt regardless of where the divorce gets finalized. Other penalties may differ from state to state but often involve penalty fines and even jail time.
Next, a judge can make a personal ruling depending on what they feel is fair to the other party. Some judges rule that the guilty party must pay for all attorney costs for their ex-partner. The guilty party may also have their claims dismissed by the judge.
Court ordered penalties
It is also common for judges to order the guilty party to give away more than the equitable or equal share of assets. In other words, they end up losing more than they would have if they never tried to hide anything. Finally, it can damage your credibility in the eyes of the court.
If you believe your spouse is hiding assets, consider speaking to your legal team about it. They can help you discover ways of unearthing these assets.