Dividing assets is one of the most complicated aspects of the divorce process. No matter how amicable a couple plans to be at the beginning of their separation, the idea of sharing property and money can bring out the worst in the best of people.
Though most adults depend on their attorneys to handle these negotiations, it is not unusual for one spouse to decide to take matters into his or her own hands. In some divorce cases, spouses may attempt concealing assets or financial assets during property division to gain an unfair advantage.
Even when warned about the potential consequences of hiding assets, a person who resents his or her spouse, or who feels he or she cannot afford a fair division may still attempt to conceal property or money. Concealing assets can reduce the marital estate subject to property division, potentially depriving the other party of their fair share. It is important to understand the consequences of attempting to hide assets during a divorce.
Damages Credibility
One of the worst consequences of attempting to hide assets is the loss of credibility. Divorce attorneys are aware of methods used to hide assets and are skilled at discovering any marital property that was previously undisclosed.
Once your efforts to conceal property are discovered, they will be exposed to the judge hearing your case. The discovery process and financial disclosures are designed to ensure all financial information is revealed, and courts take omissions seriously.
After being caught hiding property, all future statements made regarding your financial status or needs will be scrutinized. For the remainder of your case, the judge will view you as a villain and your spouse’s attorney will constantly remind the judge of your past indiscretion and dishonesty.
Negatively Affects All Financial Areas of Your Case
In addition to damaging your credibility, an attempt to hide assets will negatively impact all finance-related negotiations in the future. Once you have lied under oath or in a sworn statement about your assets, a judge is less likely to believe you if you say that you cannot afford to pay a certain alimony amount. The offending spouse’s credibility is damaged, and the court may scrutinize all future financial disclosures.
Also, if you and your spouse are disputing what you each contributed toward the marital property, the judge is more likely to believe the person who has not already told a lie. After trying to hide assets, it will be implied or assumed that every statement you make about your income or property is false. The legal consequences for the offending party can be severe, impacting the outcome of property division and the allocation of assets in a divorce.
Civil and Criminal Penalties for Hiding Assets in Divorce Proceedings
There are several penalties that a judge can impose on you if you are caught attempting to hide assets during a divorce. A person who purposefully makes a false statement under oath can be charged with perjury, which is a third-degree felony in the state of Ohio.
Serious legal consequences, including jail time, can result from concealing assets, and courts have the authority to impose these penalties.
Depending on the situation, a person who lies about their assets during a divorce may face additional criminal charges for contempt of court. Contempt of court and perjury could both lead to incarceration. The offending party may also face additional sanctions for failing to provide complete financial disclosures or for hiding financial information.
Other penalties include making the guilty party pay for the spouse’s attorney fees or awarding the guilty spouse a smaller share of the marital assets than he or she otherwise would have received.
Contact a Divorce Attorney
During a contentious divorce, a person under considerable stress may make a bad decision that could impact the entire process. If you are accused of hiding assets or suspect that your spouse is hiding assets, you should contact a qualified divorce attorney immediately. Spouses should seek legal advice if they suspect the other party is concealing assets or if they need help navigating the discovery process to ensure all financial assets are accounted for.
The attorneys at The Lawrence Law Office understand how stressful and difficult dividing assets during a divorce often is. Our attorneys can discuss your available options and help you prepare for future hearings. Contact us today to schedule a consultation at our conveniently located Columbus, Ohio office.
Conclusion
When you’re going through a divorce in Ohio, one of the most frustrating things you might face is discovering that your spouse has been hiding assets from you. This kind of deceptive behavior can seriously mess with the outcome of your divorce case and leave you getting a raw deal in your settlement.
Your spouse might try to pull a fast one by keeping secret bank accounts under wraps, stashing away investments you didn’t know about, or flat-out lying about how much income their business actually brings in.
These hidden assets can take all kinds of forms—from those mysterious cash withdrawals that don’t add up, to suddenly transferring property to their brother or cousin, or conveniently “forgetting” to mention that side business that’s been raking in thousands of dollars.
If you suspect your spouse is playing hide-and-seek with marital assets, you need to act fast and get smart about protecting yourself financially. Keep your eyes peeled for red flags like financial documents that mysteriously go missing, weird changes in how they’re spending money, or new accounts popping up out of nowhere.
Don’t let your spouse get away with this kind of manipulation—an experienced divorce attorney who knows the ins and outs of Ohio family law can help you track down those hidden assets, dig through financial records with a fine-tooth comb, and make sure every last penny of marital property gets disclosed like it’s supposed to. Taking action early in your case can be the difference between getting screwed over and walking away with the fair settlement you actually deserve.
