Beware the penalties that come with hiding assets during divorce

On Behalf of | Oct 11, 2022 | Divorce |

No couple divorces because their relationship remains perfect. Separating spouses often harbor intense feelings of negativity toward one another.

Thus, the temptation to harm the other side sometimes proves irresistible. One way they act unethically is by concealing money and valuables.

What can happen to those who get caught lying about assets during divorce

Hiding assets has a way of leading to untruthful statements in court. Judges are prone to finding someone speaking falsely under oath to be in contempt of court. Even top prosecutors can be guilty of this offense. Those receiving a charge often spend time behind bars.

Never ignore the seriousness of asset disclosure laws. Violators may face orders to cover the attorney fees of the opposite party. Another likely possibility is the dismissal of complaints coming from the untruthful individual.

Chances are strong that the settlement terms will favor the trustworthy spouse. Judges dislike deceivers and fashion their rulings accordingly.

How to uncover when a spouse is hiding assets during divorce

Hiring a private investigator is one method of bringing to light concealment. A detective might catch someone making transactions at different banks. This activity could point to deception.

Forensic accountants can also play a significant role. These finance wizards have the know-how to locate buried accounts.

Then there is the discovery phase, during which attorneys request sensitive information. Examples include bank statements and employment records. Such documents often contain clues that suggest wrongdoing.

Divorcing husbands and wives must never suppress financial truths. When caught red-handed, the punishments they receive tend to be severe.