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Hiding assets during divorce is unlawful

Following a divorce, you are entitled to your fair share of marital property. After all, you probably contributed to it in one way or the other. However, your ex-spouse may not be so forthcoming with the details of their finances. It may be in a bid to keep some assets to themselves.

Did your spouse understate the value of a property under their name or overstate their debts? Did they exaggerate their income or expenses? Is a particular property no longer under their name?  If that is the case, you may not get the share of the property you deserve following the divorce.

Here is what you can do

It is advisable to gather as much evidence as possible. For example, look into any financial discrepancies or unapproved transactions in all jointly held accounts. Tax documents or photos of unexplained assets backed by affidavits from reliable witnesses may also be an excellent place to start.

In case the hidden assets are beyond your reach, like in your ex-spouse’s personal bank account, you can ask the court to issue orders that will avail such information.

What will happen next?

Usually, courts frown upon individuals who hide assets during a divorce. Since you both likely signed a financial affidavit offering full disclosure of your financial position, hiding assets negates your promise, which borders on perjury. The consequences can include fines or even jail time.

If your spouse did not intentionally hide the assets, the court might award you half of it. However, if they deliberately kept the property hidden from you or the court, you may be given complete ownership of the asset to deter such behavior. Again, the steps you take in the lead-up to your case and having concrete evidence will make all the difference.