What should you know about hidden assets?

On Behalf of | Nov 8, 2019 | Divorce

As couples in California look more into their divorce options, you might also start to see some of the potential hurdles and problems you may face in the process. For example, a common issue among divorcing couples when they get to asset and property division is one spouse attempting to hide assets from the other.

Assets can be hidden for many reasons. Some people are driven by financial gain. Others may be driven by the emotions behind a divorce. In any case, there are many ways that a spouse can hide assets once they have decided to do so. For example, a spouse may pretend to pay back debts when they intend to get the money returned after the divorce. They may also leave out information on cash enterprises, as these are not tracked through taxes.

However, despite how tempting it may seem to some, it is a bad idea to attempt to hide assets for many reasons. First of all, if you exclude any financial documentation after being ordered to provide it by a court, you can be held in contempt of court. Additionally, if you lie about assets while on the stand under oath, this is considered perjury. Both of these are serious accusations that come with heavy criminal penalties if you are convicted. It can include time in jail and large fees.

Are you considering reading more about property division and other aspects of divorce? If so, you may want to take a look at our web page, which is linked here. You can learn more about the process, common hurdles, things to avoid, and more.