Hiding assets in a divorce is illegal

Hiding assets in a divorce is illegal

On Behalf of | Dec 29, 2021 | Property Division

A lot is at stake in a high asset divorce, which is why one of the parties may be tempted to hide some assets. If your ex-spouse is not disclosing all their assets, you may not get what you deserve out when it comes time to divide up the marital pot.

Given that your financial position is likely to change following the divorce, it is essential to ensure that your former spouse is forthcoming with all the required financial information. 

How can you uncover hidden assets?

Finding hidden assets is not straightforward since your ex-spouse may have been subtle or discreet about hiding things. This is why you need to aggressively follow any paper trail and consider listing the services of an accountant. 

You also need to remember that “hiding” assets may not mean just failing to disclose their existence. For example, your ex could undervalue the worth of an asset or transfer ownership of their property in a bid to keep such assets to themselves. 

Possible signs to look out for include a sudden lack of cooperation, changes in money movements, or inflating expenses, among others.

Penalties for hiding assets

Hiding marital properties is against the law, and your ex can be penalized for non-disclosure. For instance, the court may award you ownership of the property in question and have your former spouse cover the court fees and the expenses incurred in uncovering the hidden assets. Additionally, your ex could find themselves facing perjury charges for lying under oath.

In the end, what matters is that such actions do not infringe upon your rights and that you get your fair share of the marital property.