Divorce is a complicated and potentially contentious affair, but most individuals undergoing a marital split simply wish to walk away with their fair share of assets. If your spouse maliciously tries to hide assets during your divorce, though, the result may be anything but fair.
Hiding assets from the divorce court is not only against the law but it is also likely to complicate the divorce process for all involved. It is important for you to understand what exactly can happen if your spouse is hiding assets and how you can recognize when this malicious behavior is taking place.
How does the divorce process change when one spouse is hiding assets?
Both parties have the obligation to completely and honestly report all marital property as part of the divorce process. This ensures that the court can account for all shared assets and facilitates a fair split of community property such that both sides receive an equitable amount of those assets. If it comes to light that one party is hiding assets, though, an investigation will take place and the court may order the offending party to compensate the other spouse by sacrificing a greater share of marital assets or even certain child custody rights.
How can you tell that your spouse is hiding assets?
Suspicious or unusual behavior such as sudden bank withdrawals, spontaneous “gifts” to individuals outside the marriage or strange activity within a business owned by either spouse can be telltale signs that a divorcing individual is attempting to hide assets. Separating joint accounts as early as possible can prevent these types of actions from occurring.
If your spouse gets away with hiding marital assets, you will get less than you deserve in the divorce. Taking action to bring this activity to light can help guarantee a fair outcome.