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What are the consequences of hiding assets?

Alabama couples like you often face many hurdles when going through divorce. Not only do you have to deal with the mental stress of the split, but you must handle the legalities, too. Issues revolving around your finances and assets are often the most complex of all.

Because of this, you should act quickly if you suspect your spouse is attempting to hide assets from you.

Why is hiding assets an act of perjury?

Forbes discusses the consequences that an individual may face if they attempt to hide assets during divorce and get caught. The first thing to note is that the act of hiding assets is actually an act of perjury. How? Because you always sign a financial affidavit in a contested divorce. This signature equates to your spouse saying that they are telling the truth about their financial situation. They do so under penalty of perjury.

On a base level, your spouse can face legal repercussions for perjury. Penalties differ depending on the judge and state. Sometimes, it involves large fines and even time the potential for incarceration.

How do judges handle asset hiding?

Judges often deal with this blatant contempt of court in their own ways, too. For example, a judge can force a spouse to pay for your attorney fees if they have lied about their assets. They can also award you more than what you would otherwise get allotted by state law. In one anecdote, a court reconsidered their property division decision. They awarded a wife all the assets the husband had tried to hide.

If you suspect your spouse has hidden assets during the divorce, you want to let your divorce team know. They can help properly bring the situation to light.