Hidden Assets and Financial Dishonesty Can Severely Impact Your Divorce

 Posted on September 07, 2021 in Divorce

In a divorce, each spouse must provide current, accurate financial information. Whether the divorce is settled out of court or it goes to trial, financial data is crucial. Spouses cannot reach a settlement on the division of property and debts or spousal maintenance without this information. The court cannot determine a reasonable child support payment amount without accurate financial information. Nearly every aspect of your divorce case is influenced by finances. So, what happens if a spouse lies about income or property during the divorce?

Undisclosed Assets and Hidden Property

In an attempt to sway the terms of the divorce in their favor, some spouses lie about their financial situation in the divorce. They may “forget” to disclose an offshore account or fail to mention their expensive jewelry collection. They may transfer wealth or real property to friends or family members to shelter it from division. Some spouses overpay the IRS or use a small business to hide assets. This type of financial manipulation during divorce is unlawful. If a divorcing spouse is caught lying about finances under oath, they may be held in contempt of court and subject to serious penalties.

Ensuring Your Divorce Settlement or Judgment is Based on Truth

Any agreement spouses come to regarding the terms of their divorce should be based on complete, up-to-date financial information. Undisclosed assets and financial deception must be uncovered in order for this to happen. Divorce attorneys often use discovery tools like requests for production, interrogatories, and requests for admission to gather financial records and information in a divorce. The spouses and their respective attorneys may be asked to attend depositions in which testimony is gathered while the spouses are under oath. Divorce lawyers may also work with specially trained accountants called forensic accountants to trace assets and reveal hidden income or property.

Contact a Naperville Divorce Lawyer

Nearly every aspect of your divorce is influenced by money. If your spouse hides assets, fails to disclose income sources, or manipulates financial information, the divorce’s outcome can be influenced dramatically. You deserve a divorce settlement or judgment that is based on the truth.  

At the Law Office of Ronald L. Hendrix, P.C., we focus exclusively on family law issues like divorce, property division, and child custody. Our Will County divorce attorneys understand that getting divorced is complicated both legally and personally. We are committed to providing our clients with dependable legal guidance and aggressive advocacy throughout their case. Call our office at 630-355-7776 for a free, confidential consultation today.

Source:

https://www.forbes.com/sites/jefflanders/2012/11/14/what-are-the-consequences-of-hiding-assets-during-divorce/