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Caught Hiding Assets During a Divorce

Going through a divorce can be an emotionally complicated matter. Every divorce scenario differs, but each is the literal split in which tension has been building for some time, and in truth it can entice people to make questionable decisions. Filing for divorce is not a simple situation, and can be a long and tedious process. It is essentially laying everything on the table for the spouses to sift through everything accumulated throughout their years of marriage.  When it comes to the legalities of the divorce process things can get a bit tricky, especially with finances. In many cases a spouses might not disclose all their assets, or try to hide sources of money so it is not included in the fair split between the spouses during the divorce proceedings.

Withholding Assets

Discussing incomes, money, and assets within the divorce procedure can lead some to attempt to hide their value, or purposely mislead the courts and the spouse as to how much they are worth. Even though this is not an uncommon thing, full disclosure is the law and subject to severe repercussions. These situations most commonly include, but may not be limited to:

  1. Hide, understate, or undervalue certain marital property;
  2. Overstate debts;
  3. Report lower than actual income;
  4. Report higher than actual expenses.

Proof of Deception

According to a recent study by the National Endowment for Financial Education, financial deception in the divorce process is still a common occurrence. Part of the study took a look at divorce across the country and surveyed a number of divorced couples, and found 31% of adults who combined assets with a spouse or partner said they have been deceptive about money. Also within the study were other prominent findings, such as:

  1. Nearly three in five of those surveyed (58 percent) said they hid cash from their partner or spouse.
  2. More than half (54 percent) hid a minor purchase from their partner or spouse.
  3. An additional 30 percent hid a statement or a bill from their partner or spouse.
  4. 34 percent admitted they lied about finances, debt, and/or money earned.

When it comes to finances, people can make some amazingly unwise decisions. Divorce often becomes a time when people use emotional ammunition to convince themselves this deception is not only warranted, but justified. Keeping perspective and a level head during divorce proceedings can benefit spouses in ways they probably had not imagined. Keeping a level head about your divorce helps you qualify for an online divorce, allowing you to handle the splitting of assets honestly and quickly with your partner and can save you thousands in legal costs. Visit today and learn how you can save thousands and get on with your life.

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