In divorce, equitable division of property depends on both parties presenting their assets openly and honestly. Therefore, it is illegal for a person going through a divorce to attempt to conceal assets.
If you suspect the person you are divorcing is hiding assets, there are steps you and your legal team can take to ensure the outcome of your divorce is fair.
How divorcing people conceal property
Unfortunately, hiding assets is not uncommon in divorces, particularly for high-asset couples. For example, your spouse may attempt to undervalue physical property like vehicles and artwork. It is also possible for the person you are divorcing to gift money to someone else or set up a trust with the intention of taking back the money after you finalize your divorce. In addition, business owners sometimes try to conceal assets in their companies. Finally, if your spouse handled most of the finances, there could be undisclosed assets you do not realize exist.
Consequences of hiding assets in divorce
If you believe your spouse is concealing assets during your divorce, you can work with legal and financial professionals to help uncover the truth. Hiding property can seriously impact the opinion of the judge presiding over your divorce. Your spouse could have to pay your legal fees, or the judge may award you a larger share of the assets. In addition, people who knowingly conceal assets and lie under oath could face fines and even jail time.
Concealing assets during divorce is unfair to the parties involved and may result in serious consequences.