What are the consequences of hiding assets during divorce?

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What are the consequences of hiding assets during divorce?

On Behalf of | Sep 9, 2021 | Divorce

When a marriage begins to deteriorate, it is not unusual for spouses to start questioning their partner’s intentions. Many even fear that the other party is hiding assets. 

If you are getting a divorce, it is important that you set out to be 100% transparent about your holdings. The consequences can be dire if you aren’t.

Hiding assets can negatively affect your case

Assets, both separate and marital, affect various aspects of a divorce, including such things as alimony, equitable property division and child support. If the court discovers that you are attempting to hide assets so you can pay less in alimony or child support, it may have grounds for ruling against you and even penalizing you for your actions. The court is mandated to make a ruling on asset distribution during your divorce based on the principles of justice and fairness. Interfering with this mandate may incline the judge to punish you for your dishonesty.

Hiding assets is a criminal offense

When working on your divorce, you are required to make disclosures to the court through testimony and court filings. When you file documents with the court, you do so under the penalty of perjury. And deliberate failure to disclosure your assets may be considered an act of perjury. As a result, the court can hold you in contempt, which might end in significant fines or even a jail term. 

Divorce, especially when the financial stakes are high, can be messy and complicated. However, one thing you must never do is attempt to hide assets. Your Illinois divorce will proceed much more easily with full disclosures.

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