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What Happens if Your Spouse is Concealing Assets?

What Happens if Your Spouse is Concealing Assets?

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In a divorce, the couple must determine who gets to keep what assets. Instead of negotiating fairly with the other spouse, some spouses attempt to hide assets so that they can keep more once the divorce is over. However, there can be serious ramifications for such behaviors. 

A large portion of the divorce process is dividing debts and assets. Depending upon the couple’s lifestyle and the duration of their marriage, they may have many assets. Some of those assets might be complex. Often, the more assets a couple has and the more complex their assets are, the greater the chances that one of the spouses will attempt to hide assets in a divorce. If they can hide assets, they can preserve more of them for themselves. Suppose you believe your spouse might be trying to conceal assets. In that case, your best course of action is to discuss the situation with your Huntsville divorce lawyer.

Sometimes, it might be obvious that a spouse is trying to gain an unfair advantage in your property division. However, some people have little knowledge of an attempt to hide assets. You want an attorney who can help you identify signs that your spouse might be infringing on your property rights. 

Signs Your Spouse Might be Hiding Assets

Be on the lookout for signs that your spouse might be hiding assets in your divorce. They can include any one or more of the following:

  1. Maintaining complete control of bank account information and passwords
  2. Being secretive and unwilling to communicate about finances
  3. Owning a private P.O. Box
  4. Deleting financial computer programs like Quickbooks
  5. Complaining about finances such as significant debt, slumps in business, or failed investments
  6. Lifestyle/income discrepancies
  7. Sudden financial account activity changes
  8. Gifting to family members or friends, which is usually done with the intent to recover the “gifts” once the divorce is over
  9. Banking activity overseas or trips overseas

If you notice one or more of these signs, document them and then discuss them with your attorney. Your Huntsville divorce attorney will know what steps to take to help rectify the situation.

Consequences for Hiding Assets in Divorce Proceedings

During a divorce, both spouses are usually required to complete a financial declaration that discloses all sources of income and assets early in the process. When they sign this disclosure, they swearing under oath that what they declare is accurate. If they intentionally fail to disclose financial information in divorce, there are serious consequences. The judge has many options for imposing penalties when it’s determined that a spouse has been trying to conceal assets. These include:

  1. Receiving a smaller share of the marital property
  2. Paying attorney fees of the other spouse
  3. Criminal charges for contempt of court and perjury, which could result in jail time

Is Your Spouse Attempting to Conceal Assets? Seek the Advice of a Skilled Huntsville Divorce Lawyer Today

Divorce is a complex process that must be handled according to the law. That’s why many people seeking a divorce also seek representation from a well-versed attorney. Schedule your consultation with an experienced Huntsville divorce attorney by calling Cloud, Ryan & Rouse at 256-801-1000 or using our convenient online contact form. We can help hold spouses accountable if they decide to conceal assets in a divorce.

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