When you are going through a divorce, you expect your spouse to be fair and they expect you to do the same. But what happens if one spouse decides to battle unfairly and hides assets? This can result in penalties and a negative divorce that you may have never expected.
Reasons for Hiding Assets
Let’s face it – every situation is different, and this is why some spouses believe that they can get away with hiding assets. One of the most common reasons for hiding assets is the reason that somebody merely disagrees with how the court is handling things. The law requires that marital assets be split, and some spouses may disagree that this is a good idea. You or your spouse may believe that you are on a road to disaster in your marriage, due to earning potential and so much more. When one spouse believes that they are going to get the shorter end of the stick, this is when assets become hidden.
In other cases, it could be a matter of a spouse attempting to deceive the system. Perhaps they want to undervalue their earnings in an attempt to lower the amount of child support or alimony that they have to pay to the other spouse. When you withhold this information, however, you must know that there are consequences in doing so.
Hiding Assets Could Amount to a Crime
If you suspect that your spouse has hidden assets, then there are things that you can do, including speaking with a private investigator or hiring a forensic accountant to handle your case. The court may also allow for a discovery phase, where you ask for employment records as a way to find out if they have been hiding how much money they make at their job.
For the spouse who hid assets from another spouse, the penalties may be quite harsh, as you find. A judge will most likely impose sanctions against the spouse, giving them monetary penalties that would make up for the hidden assets. They could have to pay back their spouse in support or whatever they drained from a bank account. You could also be arrested for your actions. This is why these cases are taken very seriously by the court, and you should always follow the law in regards to your divorce case. Call us today for more information on how we can help you with your divorce case.