Divorce is a complex and challenging process that requires close attention to detail, especially when navigating property division. Unfortunately, hiding assets during a divorce is not uncommon. Let's take a closer look at what this entails and the potential consequences of doing so.
Explaining Hidden Assets
Hiding assets during a divorce means that an individual is purposefully concealing money or other property to keep it out of the reach of their spouse. This can be done in several ways, including:
Underreporting income on tax returns
Moving funds into hidden accounts
Transferring ownership of property to another person or entity
Purposely undervaluing assets
Hiding or destroying financial records
The Consequences of Hiding Assets
There can be serious consequences if caught hiding assets in a divorce.
First and foremost, it can drag out the divorce proceedings as your spouse and their attorney try to track down the missing funds. It can also result in you having to pay your spouse's attorney fees and any other expenses incurred due to your actions. In addition, the court may order you to pay a monetary penalty for hiding assets and may even rule that any property you attempted to hide will be awarded to your spouse. Finally, if the court finds that you deliberately hid assets in bad faith, you could be held in contempt of court, resulting in fines and/or jail time.
Consult an Experienced Attorney at Bez Law Firm, P.C.
Hiding assets during a divorce may seem like a good way to protect your finances, but it is important to understand the potential consequences before taking action. If you are caught hiding assets, you could end up paying more in attorney fees, facing penalties from the court, and even spending time in jail. So, before taking any action, be sure to speak with an experienced divorce attorney from Bez Law Firm, P.C. who can advise you of your rights and help you protect your interests.
Do you think your spouse is hiding assets? Contact us at (916) 512-8944 for a consultation.