Avoiding The Temptation
The stress of a divorce can cause people to act out in ways they might not normally, and one of those ways is to hide assets and prevent them from reaching the eye of the court during property division. Hiding assets is illegal and has serious consequences if discovered. Here is what you should keep in mind to avoid the temptation to hide assets during your divorce.
Examples of Hidden Assets
To illustrate what could occur, say a couple is getting a divorce. One of them decides to withdraw money from a joint bank account and transfer those funds to another account that the other spouse does not have access to. They could also “gift” those funds to a friend or family member only to be “gifted” that money back after the divorce is finalized.
Penalties for Hiding Assets
All parties in a divorce must submit statements listing their assets, income, and debts. This affidavit is treated as if it were said under oath, meaning if there is false information submitted then there will be consequences.
If someone discovers that you have assets not listed on your affidavit, whether that person is your spouse, their attorney, or a third party brought in to organize and value assets for property division, the consequences for such actions could include fines or jail time. Hiding assets is not worth the potential repercussions you may face.
Call A Queens Attorney If You Suspect Your Spouse of Hiding Assets
Hiding assets is illegal, and if you suspect your spouse may be hiding assets during your divorce and notice odd behaviors such as an unwillingness to provide information or lying, contact an attorney right away to seek out legal action and to protect what is yours.
Levi Divorce & Family Law Attorneys is committed to helping you reach a solution that provides you with the best possible outcome. If you have questions or want to set up a consultation with a member of our team, contact our office at (718) 215-0121 or visit us online.