Consequences Of Hiding Assets During Divorce

0
354

Divorces happen all the time and it’s a part of life when two people don’t get along or don’t feel this is the way to live. While there’s nothing wrong with divorces, it’s never a good idea to go into the proceedings with the intention of lying because you will be taking a massive risk. It often seems like a good idea at the time but there are many ways of getting caught later on.

Here are some of the consequences of hiding assets during divorce proceedings and why it is not a good idea.

1) Legal Liability

There is a legal side of things and this is going to be one of the main consequences that come with dishonesty. Let’s imagine you have a separate account that isn’t linked to your name and it is holding a lot of money in it. This money was made during the marriage and would have to be included in the assets that are declared. However, you decide to lie and hide the assets because they are not linked to your main name or accounts. Well, as soon as it is uncovered you have lied, the court is simply going to charge you for perjury.

They are going to assume you willingly lied and tried to disobey the regulations that are in place for divorces. This is a serious problem and is going to come with major legal consequences as soon as the judge realizes what has happened. This is why it is always best to be honest as you are not going to want to deal with the legal liabilities that come your way. It is just going to take you down the wrong path and they will be more than inclined to slap a heavy penalty on you.

2) Additional and Often Harsh Penalties

According to Dean Hines Attorney, There are additional penalties tagged onto what has already been assessed in these situations.

Imagine being in the judge’s chair. You are immediately going to look like the bad partner and the wrong party in this entire relationship. It’s not going to shed a good light on your character and that means it’s time to face the wrath of heavy penalties that are noted down under your name.

The worst part about being in this situation is having to deal with the harshness of the penalties. In general, the average settlement is going to be even but the moment a person lies, the judge is going to start to favor the truthful party because they didn’t try to deceive the court of law. In such situations, you are the one that is going to be on the wrong end of things and that’s where dishonesty hurts. Those penalties are going to go on your record and are going to stay there forever.

3) Unfavorable Chances of Winning the Reopened Divorce Case

If there is a situation where the case has to be reopened, you are now going to be facing the same case all over again but with a serious disadvantage. The judge is not going to be willing to listen to your side when it has already been proven you were lying about specific assets. This happens all the time and in most cases, the judge is going to assume you are lying again.

Think about this as a reopened case could lead to a situation where you have to pay a lot more than you would have without lying. All of the money that was being hidden is going to come back to bite you.

4) Can Lead to Additional Checks on Income Sources

You will also be asking for trouble when it comes to situations such as this. When a judge realizes you have been lying about something such as this, the inquiry is going to go a lot deeper than most people prefer. They will immediately assume additional lies are being told to the court and that’s going to lead to an in-depth assessment of your assets. In such cases, you may have other cases pop up and that is a lot of trouble to go through simply because you were dishonest during the divorce proceedings.

This is why most people understand the importance of telling the truth and don’t try to wiggle their way out of situations such as these. There are a lot of ways to get a hold of this information and you don’t want to be in a situation where your assets lead to major consequences. Take the time to figure out how your assets are laid out and make sure to tell the truth because it is important. Otherwise, they are going to dig through all of the information that is out there about your income.

5) Increasing Legal Costs

Let’s assume you are asked to go through the process all over again after a few years. This happens when new information comes out and it is taken back to court. You are now going to have to hire a lawyer again and they are not going to work for free.

This is a real problem because the legal costs often go through the roof in such situations and you are the one that will be footing the bill. In fact, they may even ask you to foot the bill for your ex-wife/ex-husband too! When those legal costs are added onto what you have already paid in the past, this becomes a massive problem in terms of your finances. Be smart and make sure you are aware of this.

These are the main consequences of hiding assets during divorce proceedings. Most men and women assume they are going to be okay but the lies will catch up to you in many cases. There are thousands of examples where people have been charged by the court of law for similar discretions and it’s not a good spot to be in. You are going to simply lose out more than you would have because of the lying. It’s never a good idea to be dishonest during divorces.