During a divorce, the state typically will decide how to divide the assets from a marriage in a way that they deem to be just. Some people don’t like the idea of leaving these big decisions up to the court. People will go to great lengths in order to protect their assets during a divorce. This includes hiding assets from the court and their spouse in an attempt to keep the assets for themselves. This is a terrible idea with serious legal ramifications. It is unethical, dishonest, and illegal to withhold the disclosure of assets during a divorce. There are other legal ways in which you can take control over what happens to your assets like divorce mediation, so consider those options before making a big legal mistake by hiding your assets. Below, you will learn about a few reasons why you should never hide assets during a divorce.
1. Ethical Issues
One of the biggest reasons why you should never hide assets during a divorce is due to ethical issues. It is both dishonest and against the law to avoid declaring assets during a divorce. The chances that you will actually get away with hiding assets are slim and you will have to deal with a guilty conscience going forward. You can lose the trust of your spouse and set a terrible example for your children by hiding your assets during a divorce. It’s simply not worth the risk.
2. Big Penalties
Keep in mind that hiding your assets during a divorce is illegal and can lead to serious penalties. You are essentially lying and misleading the court when you participate in this type of activity. They will absolutely penalize you for hiding your assets. For example, you might end up having to pay for your spouse’s attorney fees. The court can also award your spouse a greater distribution of assets if they find out you haven’t been honest. You can even deal with charges of perjury if you are found to be guilty of hiding your assets. These penalties are not worth the risk and can dramatically impact the overall result of your divorce.
3. Longer Divorce Process
If you are looking to resolve your divorce as quickly as possible, you should avoid hiding your assets at all costs. The court will spend the necessary time to get the truth about your overall financial picture, which means if you are hiding things they will find out. Hiding your assets can extend the length of the legal divorce process and cause a lot of headaches for you in the process. Remember that honesty is always appreciated in court.
We hope this article has helped you learn a little more about why hiding your assets during a divorce is a horrible idea. If you are looking for expert legal advice for your divorce, connect with The Johnson Law Firm & Associates today.