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Hiding assets during a divorce could land you in jail

In almost every divorce battle, property division is a contentious issue. It may seem to be the easier way out to hide your assets from your spouse and end up with a better bargain, but it may land you in some legal trouble.

Everyone keeps their secrets, especially on money matters. However, when it comes to divorce proceedings, you have to lay everything bare. There are consequences if you fail to do so, as detailed below.

It’s not worth the risk

The court might impose several penalties if you attempt to hide marital property or waste money in joint accounts. Such property is considered to be jointly owned between you and your ex-spouse, and you may be forced to repay whatever amounts they were entitled to. On top of that, you may find yourself facing fines or other sanctions.

In addition, your deception may cost you more than half of the property or assets in question. Dishonesty is frowned upon by most family law judges, and you could find yourself having to forfeit any remaining shares of the assets in question.

Jail time is a real possibility too. If you fail to respond to legal discovery and continue hiding the assets, you could be held in contempt of court. It might escalate to time behind bars in some circumstances.

Protecting your rights should come first

Divorce may be a hectic time, both emotionally and mentally. During such times, when one is at their most vulnerable, they may readily give in to conditions that are not in their best interests. Instead, it is advisable to look out for and protect your legal rights. Some financial decisions made after a divorce may have far-reaching consequences later in your life, and it is necessary to stay put.