The distribution of marital property and assets is a significant dispute between couples during divorces. If things go wrong, a spouse might decide to punish their partner by depriving them of shared financial wealth. Other cases can include your partner thinking they deserve the more considerable portion of the assets as they contributed more significantly to the marriage.
Regardless of your reason, if you think you deserve a more significant portion of the assets, ask the court for it and proceed legally. Never try hiding assets during divorce trials, as it is considered an offense, and you might have nothing.
If you are getting divorced, contact a divorce attorney who will guide you through all the dos and don’ts during a divorce trial. Visit our website for more about filing for divorce and claiming your rights.
What does hiding assets mean during a divorce?
Most state laws regarding divorce require both partners to provide a list of all the marital assets. Depending on the assets and your case, the judge will announce the distribution of your property. Most cases, the distribution is done on a 50-50 basis.
According to the law, all the assets obtained after and during the marriage and before separation are considered as marital assets. However, assets received before the marriage or inherited during it are not included in marital property.
If your partner tries to conceal the bank account statements, any other source of income, jewelry, artwork, etc. In that case, it is considered hiding assets, and they can be punished for this offense and face serious consequences.
Why should you not hide assets during divorce?
Hidden assets can mislead the court into uneven distribution between both partners, affecting multiple factors like child custody, child support, alimony, etc. If the court is not provided with the correct information about marital assets, they cannot derive the correct financial status of the couple.
It is strictly advised not to hide assets or do such malpractices during your divorce trial. If a person gets caught hiding assets, they will be punished by the court and have to pay heavy penalties.
To ensure that your partner is not hiding any assets from you, contact an experienced divorce attorney, as they will guide you much better. Hence, you can ensure whether your spouse is deceiving you or not.
