Your spouse might hide assets during a divorce because they do not want them to be part of the property under division. Doing so may prevent you from getting your fair share of the marital property in consideration.
Both parties must be forthcoming with their financial information during a divorce – assets, income, expenses, or debts. This is used by the court to divide property between a divorcing couple.
Did your spouse lie about their assets?
If you have discovered that your former spouse is not disclosing all their assets, it is important to take action and protect your financial interests. You may turn to the courts for relief if assets have been hidden. However, you need evidence like bank statements, financial records, or witness testimony to back up your claims.
Keep in mind that your partner may hide assets by failing to disclose them to the court or undervaluing them. Suspicious property transfers before the divorce proceedings may also form part of your evidence. Uncovering such hidden assets may involve engaging the services of an accountant or a private investigator. You can also subpoena financial information from banks or your former spouse’s employer.
What are the possible consequences?
Hiding assets is a behavior that is frowned upon by the court, and it may have legal consequences. For instance, the court may transfer the majority of or all the ownership of the asset in question to you. Your former spouse could also be charged with perjury for lying under oath, besides having to pay the litigation costs.
Given that your financial plans are likely to be affected following divorce, it is necessary to be wary of any hidden assets. Even if you discover such information after divorce has been finalized, it’s never too late to get justice.