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Hiding Assets in a Divorce: What Are the Possible Consequences?

While a divorce may be a far from ideal situation, being honest is the best way to go about it. Hiding assets is one of the common ways that spouses will attempt to keep what they think is rightfully theirs in the event of a divorce. While it is important to fight for what you want, do so under the table may come around to bite you in the future. In the event of a divorce, it is required by both spouses to lay out all of their assets in the marriage including their income, any spending as well as their debt. However, many spouses may feel as though their partner does not deserve something when they split, and therefore chose to conceal it from the divorce process.

Both men and woman alike have been responsible for hiding assets in their divorce, using a wide variety of tactics to accomplish their goal. This would include actually hiding money or property; understating the value of something, overstating the debts they have, wrongly reporting on your taxes as having a lower income, or reporting higher expenses than you actually paid. When one spouse chooses to do so, they are seeking to prevent the other spouse from receiving a fair share of the settlement, and this is completely illegal.

Hiding your assets in a divorce proceeding is illegal because upon the inevitable procedure, the two parties sign a contract agreeing that they have divulged all of their assets to the best of their knowledge. When a spouse is caught in the mix of these lies, the consequences are severe for numerous reasons. First, because breaking a contract or lying under oath is illegal and therefore punishable by law. Second, because when you try to hide assets in a divorce and the court hears about it, the spouse may end up receiving much more than what was originally being hidden.

At the event of a divorce for a contested couple, the spouse is required to sign an affidavit saying that they have honestly divulged any information, even details such as stock investments, and various expenses, etc. People may feel as though there are many ways around the system, and if you have any feeling that your spouse may be attempting something like this, the time is now to take action!

If you believe that your spouse may be attempting to hide your assets, do not hesitate in contacting a trusted Raleigh divorce attorney at the Hopper, Hopper & Mulligan, PLLC today! We want to help you with your divorce and fight for what you deserve! Having a divorce attorney on your side is highly encouraged no matter the divorce situation you are going through however in the event there is a possibility of hidden assets; do not wait another moment before contacting us!

Categories: Divorce

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