Divorce can cause anyone’s head to scramble. If you are facing financial insecurity after your marriage comes to an end, you might have even more mental fog. After all, according to Psychology Today, financial worries can lead to unclear thinking. Your financial fears might not be logical, however.
In New Jersey, divorcing spouses typically receive an equitable share of marital assets. If your husband or wife hides marital wealth, though, you might end up with substantially less than you deserve. Fortunately, hiding assets during a divorce comes with some serious risks.
Violating court rules
When a married couple divorces, each spouse must make certain financial disclosures both to the other and to the court. If your spouse is untruthful in these disclosures, he or she might violate court rules. This could lead to contempt of court and other sanctions.
Breaking the law
Even though it technically might be possible to hide assets without breaking the law, your spouse might engage in perjury, fraud or another criminal offense. Depending on the evidence, prosecutors could bring criminal charges against your spouse for violating federal or state law.
Losing the asset
As you might expect, judges tend to have little patience for spouses who try to game the system. Consequently, if you find out about your spouse’s dishonesty, you can expect the judge to give the hidden asset to you.
Even though hiding assets during a divorce is risky, your spouse might decide to press his or her luck. Ultimately, you might be eligible for financial compensation from your spouse for any expenses you incur when locating hidden assets.
