Consequences of Hiding Assets During Divorce
During a divorce, each spouse may feel compelled to maximize what they receive from the distribution of their assets. Some may do this in an unscrupulous manner by trying to hide their assets during divorce. It is important that spouses understand their obligations to properly disclose assets and be aware of the tricks that their spouse may use to try to conceal these assets to get an unfair advantage from the division of their assets. The knowledgeable New Jersey family law attorneys at Lomurro Law identify the important information you should know about this process and how they can help protect your assets and your financial future during divorce.
Legal requirements to provide accurate information
New Jersey law requires both spouses to fully disclose their assets, income, debts and liabilities on the Case Information State. They must sign this statement under oath and penalty of perjury. Additionally, family law attorneys may send discovery requests to the opposing party that they must answer fully and accurately.
How spouses conceal assets during divorce
Spouses may hide assets in a number of ways during the divorce process. Some common tactics to hide assets or decrease liability for support obligations include:
- Removing assets from the family home and take them somewhere else
- Purchasing items without telling the spouse and then moving these purchases
- Undervaluing how much certain assets are worth
- Overstating debts
- Making “loans” to family members
- Reporting higher expenses than those actually incurred
- Delaying bonuses or commissions so that they do not become part of the divorce settlement
Because there are many ways that a spouse may hide assets, it is important to work with a skilled divorce lawyer who is familiar with these tactics and who can take steps to uncover these hidden assets.
Consequences of lying on divorce filings
A spouse who lies under oath can face serious consequences, including the following:
- Being found in contempt of court and facing associated penalties
- Being forced to pay the other spouse’s attorney and legal fees to bring forth the issue
- Having his or her legal action dismissed
- Losing the asset that he or she was trying to hide
Additionally, a spouse is discovered lying to the court may lose all credibility with the judge, which can result in the judge making other findings against that spouse’s favor.
Contact an aggressive Freehold family attorney for help with hidden assets
If you are worried your spouse is hiding assets, it is critical to contact an experienced, savvy divorce lawyer who can investigate these claims and uncover the truth. At Lomurro Law, our seasoned legal advocates work diligently to ensure you receive your fair share to move into the next chapter of your life with confidence and financial stability. We can discuss your goals and objectives during a confidential consultation. Contact us online or call us at 732-414-0300 to discuss your case. We serve all of Monmouth County, including Asbury Park, Long Branch, Freehold Township and Wall Township.