The Consequences of Concealing Assets During a Divorce
Divorcing couples are required by law to be completely transparent in their disclosures of all assets, including income, expenses and debts. However, it is unfortunately not uncommon for people to attempt to conceal assets during the divorce in an effort to avoid having to split them up with their spouse. They might hide or undervalue certain pieces of marital property, attempt to overstate their debts to get a more favorable arrangement, or report higher expenses than what they actually have.
This is against the law, and can result in some stiff penalties. Let’s take a closer look at what you can expect to happen to a person who is caught concealing assets.
Why you shouldn’t try to conceal assets
When you submit all of your financial information during the discovery process, you do so under oath. This means concealing assets is a form of perjury, or lying under oath. The penalties for this specific type of lying under oath can vary based on the case and the jurisdiction, but in most cases you can expect at least a certain minimal level of punishment, including the lying person being forced to pay fines and all attorney’s fees in the case. In particularly severe cases, the party caught concealing assets could face some prison time.
In addition, with how thorough investigative methods have become over the years, it simply doesn’t make sense to attempt to conceal assets, because the likelihood that you will get caught is high.
Therefore, it is in your best interest to be truthful and compliant during the discovery phase of your divorce, otherwise you could face some significant consequences. For more information about divorce discovery and how to proceed, contact an experienced Long Island divorce lawyer at Bryan L. Salamone & Associates.