What happens if you hide assets in a divorce?
Whether you are under the impression that any money you made before your marriage is your sole property or you are attempting to rationalize that your spouse has no right to your hard-earned cash, the fact is that the best way to handle a divorce is by reporting all of your assets, even those that you think do not qualify as marital property. Not only can you hurt your reputation in Nevada as being an honest person, you can also land yourself with severe legal and financial consequences.
Forbes.com reports that hiding assets is a common practice. Over 50 percent of those surveyed reported that they had hidden cash from a spouse and almost as many claimed to have covered up minor purchases. Another 30 to 34 percent admitted lying about finances or hiding bills and statements from their spouse.
There are many different ways that you could attempt to hide assets. Some of the most common include overstating your debts, claiming that you have a lower income than you actually do and reporting that your expenses are higher than they actually are. Some spouses will even undervalue or just plain hide assets that are considered marital property.
If you do attempt to lie or hide assets during a divorce, you will be subject to penalties determined by a judge. These can include hefty fines, jail time, a dismissal of claims and even responsibility to pay for your spouse’s attorney fees. This information is intended to educate and should not be taken as legal advice.