What Happens If Assets Are Hidden During a Divorce?

If you are facing a divorce, you are most likely concerned about your partner not being completely honest when it comes to disclosing assets. While couples in Denver are expected to be forthcoming about all assets so that the court can make a fair decision, people often attempt to misrepresent or even hide their financial status to prevent their spouse from being awarded a portion.

As stated by Forbes, lying about assets during a divorce is exceedingly common among many couples. However, the practice is illegal and can result in significant legal ramifications. While the actual penalties for lying under oath vary quite a bit, in many cases a fine will assessed against your spouse if found guilty of perjury. He or she might also be obligated to pay for any attorney fees you incurred, and could even face the possibility of jail time.

There are a few common tactics those hiding assets utilize. Expense reporting can play a role, which entails increasing the amount of expenses so that it appears that one’s assets are far less. The amount of debt may also be increased, which allows the person hiding assets to make the claim that there is simply not as much money to be divided up. Shared property is sometimes even physically hidden so that it can’t be counted among assets.

Additionally, the act of hiding one’s financial status from a spouse is quite common. Studies show that up to 34 percent of married couples were untruthful about things like income and debt. 58 percent also admitted to keeping money a secret to prevent their spouse from accessing it.

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