What are some facts about hiding marital assets?

| Dec 14, 2018 | Divorce

After a divorce, there may be times when you want to take your ex-spouse back to court. For example, if you settled on how to divide your assets but later found out that your ex-spouse had hidden assets, you’d be within your rights to take them back to court.

One thing you should be aware of is that there are penalties for hiding assets during a divorce. Divorce rules require both spouses to honestly disclose their assets and debts. Not doing so is a violation of the law and can get you into a lot of trouble.

It is illegal to withhold assets and hide them so that your spouse can’t access them during a divorce. However, around a third of U.S. adults admit to doing so. Women interviewed were more likely to say that their spouses hid assets than the men who were interviewed.

Interestingly, during the survey performed by the National Endowment for Financial Education, around three in five admitted to hiding cash from partners. A little over half hid purchases. Approximately 34 percent lied about their debts or finances in general.

What happens if someone lies about their assets during a divorce?

Judges have a lot of discretion, so they might award all the winnings from a fraud (like lying about your assets) to the other party. It’s not unusual for all discovered assets to be given to the other spouse as a penalty for committing a crime, which is something anyone wishing to hide assets should consider carefully. If they get caught, they face serious penalties.

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