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What happens if your spouse hides assets in the divorce?

On Behalf of | Apr 24, 2023 | Divorce |

The process of dividing marital assets during a divorcee is often marred with irregularities. One such instance is when your spouse attempts to manipulate property division by hiding assets to keep them after the divorce.

When this happens and goes unnoticed, you will receive less than your fair share of the marital assets, yet you contributed to their acquisition in one way or the other. Therefore, it helps to be wary of such conduct to protect your legal rights and financial interests before and during a divorce.

Identifying hidden assets can be a tough job

As soon as you notice your marriage is on the rocks, you should inventory the marital estate (the property and debt you acquired as a couple during the marriage). If you notice suspicious transactions, irregular transfers and the sale of marital assets, it could point to foul play.

In some cases where it is not so straightforward, you may have to involve forensic accountants and attorneys to follow the paper trail or access private information. Court orders can help obtain financial records that are not readily available.

Your spouse may be penalized for hiding assets

Hiding assets during a divorce is a form of financial fraud. It is unethical and illegal, and the court does not entertain such behavior. Your spouse may be held in contempt of court, fined or even lose ownership of the assets they tried to conceal. They could also be charged with perjury for lying under oath.

That being said, it is up to you to provide the relevant documents that show your spouse intentionally withheld information or misrepresented facts to the court. It’s best to seek the appropriate legal guidance during a divorce to assert your right to a fair share of the marital assets.