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What happens if your spouse tries to hide assets?

On Behalf of | Sep 3, 2020 | Divorce |

As a Connecticut couple trying to divorce, you may run into some unique and unexpected problems. This is particularly true as a couple that holds high assets, as you face unique hurdles that other couples will not.

One potential issue you may run into is that of a spouse attempting to hide assets. Why is this such a big issue and what can happen to your spouse if caught?

Why do spouses lie about assets?

Forbes discusses the potential consequences for attempting to hide assets during divorce. When someone attempts to hide assets, they do so for many reasons and in a variety of ways. In most cases, your spouse simply thinks that you do not “deserve” any of their assets. To prevent you from getting your fair share, they lie about the total amount they have. This way, the courts do not take those hidden assets into consideration and they get to keep all of it.

Hiding assets as an act of perjury

But this is an act of perjury. When you go into a divorce, you sign a financial affidavit that proves you are telling the truth about your finances to the best of your ability. This allows wiggle room for genuine mistakes and lapses in memory.

But what happens when your spouse hides assets intentionally? They can face time in jail due to the perjury charge. In addition, the judge overseeing your case can decide how to handle the transgression. In many similar instances, the spouse that tried to hide assets must pay the fair sum. In others, they must pay even more in reparations. In the end, it is much costlier to try hiding assets than to split things fair and square.