Why You Shouldn’t Hide Your Assets During a Divorce

Why You Shouldn’t Hide Your Assets During a Divorce

A major aspect of divorce is the distribution of marital property between spouses. When looking at what you will walk away with after a divorce, you may want to find ways to maximize your benefits or ensure you don’t get the short end of the stick. Some people may consider hiding their assets, thinking it will mean that the court cannot allocate some of those assets to an ex-spouse. This is not the case. Learn more about why it is never advisable to conceal your assets during divorce proceedings from our experienced family law attorneys.

It Is Unlawful to Hide Assets

Every divorce involves either both spouses coming to an agreement about how to distribute their marital property or the court making a decision for the parties after a trial. An important part of this process is determining who owns what, and both parties must disclose all assets in their name.

In New Jersey, failure to disclose properties or holdings is unlawful. Because it is unlawful, there is a very high chance that you will get caught. At any point, your spouse or their divorce attorney could become suspicious and request an investigation into your property, including issuing subpoenas to financial institutions. A divorce attorney is also trained to uncover your “hidden” properties or hold a deposition where you must answer questions about your assets under oath. Simply put, the truth always comes out, one way or another.

Getting caught hiding assets will mean losing credibility in the eyes of the judge for the rest of your case. You may also have to pay for your spouse’s legal fees. In some cases, you can be accused of and convicted of perjury, leading to fines and jail time. You can avoid these consequences if you are open and honest regarding your assets.

An Alternate Suggestion

New Jersey law governs equitable distribution, which is the process of dividing marital assets, meaning holdings are divided “equitably” rather than “equally.” Because of this, you are given the opportunity to explain what assets and property you should keep or receive following a divorce. Courts will consider a variety of factors when making the final determination on equitable distribution, including the spouses’ income and contributions during the marriage. A family law attorney with experience handling divorce proceedings can help create a persuasive argument to maximize your chances of a favorable outcome.

Call a Divorce Attorney Who Can Help Protect Your Assets

Hiding your assets is never a good idea and you should avoid doing so at all costs. If you fear your spouse is withholding assets during your split or want to have support protecting your own property, an experienced divorce attorney can help. Contact Moskowitz Law Group today to find a solution.

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