Whether you’re filing for divorce or you’ve just been served papers, brace yourself. Divorce is tough, and it often brings out the worst in people – especially when it comes to finances. You might feel tempted to manipulate your financial disclosures but resist that urge.
Hiding money or property during a divorce isn’t just dishonest – it’s potentially illegal and extremely risky. If you’re thinking about concealing assets, think again. Here’s why that’s a terrible idea that could cost you more than you expect.
Professionals may be employed to uncover hidden assets
In complex, high-asset divorces, courts may hire forensic accountants and financial analysts to help uncover hidden assets. These professionals will scrutinize your bank statements, credit card bills and even your social media posts. If you have an offshore account, they’ll likely find it.
These experts can uncover undisclosed loans, property transfers and business interests. They have experience in various asset concealment attempts and are skilled at detecting financial irregularities. Your efforts to hide assets will likely be exposed. You may end up worse off than if you’d been honest from the start.
Dishonesty threatens the fairness of your entire divorce process
Hiding assets can backfire badly. Courts view this behavior unfavorably, which can harm your position when deciding on property division and support payments. If they discover you’ve concealed assets, you might end up with less in the divorce settlement. The risks of hiding assets typically outweigh any potential benefits you might imagine.
The penalties are severe
Concealing assets during divorce proceedings can have severe implications. It may damage your credibility with the court, potentially affecting various aspects of your divorce settlement, including property division and spousal support determinations.
Transparency in financial disclosures is crucial for a fair divorce process. It’s not only the most ethical approach but also the most prudent one to protect your interests in the long term. If you need guidance on financial matters or suspect your soon-to-be ex-spouse is hiding assets during divorce proceedings, consider consulting a legal professional experienced in high-asset divorces.
