Hiding Your Assets in Divorce: What You Should Know

Couple at Lawyer's officeWhen you’re thinking about divorce and have a considerable amount of assets and money, you may be tempted to hide those from your spouse. This is especially true if you believe that you have (solely) worked for that money or if you are extremely angry at your spouse. You may have your reasons for doing so, but it can get you in legal trouble.

Can you get away?

While there may be a chance that you can get away with concealing some of your assets, there are always risks if you do so. You have to keep in mind that during the “discovery” process, both spouses are required to submit relevant information to the other party and have to provide testimony about those. Albuquerque divorce attorneys note that if you lied and got caught, you may face perjury charges and monetary fines.

What are the penalties?

If you, however, fail to provide financial information to the other party, the court will order you to submit them. If you disregard the court orders, you may be held in contempt or even be incarcerated. There are serious risks involved in hiding assets, as it can affect not just the property distribution, but also child support and alimony. The consequences of getting caught are also expensive.

What should you do instead?

This is why rather than attempting to hide your assets, you should consult a reliable divorce lawyer. Your attorney can protect your rights, assets, and interest while helping you reach a fair divorce settlement. You shouldn’t also let your emotions rule your financial decisions, as it could harm your purse. You have to pick your battles wisely and only fight for those that are worth it.

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Deceiving your spouse by concealing your assets means that you are messing with the law. Other than losing your credibility in court, you could also face monetary sanctions if you get caught. It is best to declare your finances upfront to protect yourself during the settlement.