What are the Consequences of Hiding Assets in a Divorce?

 Posted on September 26,2023 in Divorce

Hiding assets in a divorce is a serious offense that can have negative consequences, both financial and legal. If you are caught hiding assets, you could face financial penalties, lose credibility in court, and even face criminal charges.

It should not typically be a struggle to disclose all of your assets. However, in the case you may be having difficulties, you should talk to your attorney. They can help you to identify and disclose all of your assets, and they can help you to develop a plan for dividing your assets fairly with your spouse. The more information you can provide to your attorney, the better equipped they will be to help you through your divorce.

What Are Some of the Financial Penalties I Could Face?

One of the most immediate consequences of hiding assets in a divorce is that you could be ordered to pay financial penalties. These penalties can be significant, and they can include:

• Reimbursing your spouse for their legal fees and court costs associated with uncovering the hidden assets

• Paying a percentage of the value of the hidden assets to your spouse

• Being ordered to pay interest on the value of the hidden assets from the date of discovery to the date of distribution

Loss of Credibility in Court

Courts in Illinois do not want their time to be wasted. Hiding assets in a divorce is a breach of trust, and it can damage your credibility in court. If the judge finds that you have hidden assets, they may be less likely to rule in your favor on other issues in the divorce, such as property division and child custody.

Criminal charges

In some cases, hiding assets in a divorce can lead to criminal charges. For example, you could be charged with perjury if you knowingly lie about your assets in your financial affidavit. You could also be charged with fraud or contempt of court. Individuals caught committing perjury will have permanent charges listed on their records.

Contact a DuPage County, IL Divorce Lawyer

No matter how insignificant or irrelevant you think they are, you must disclose all of your assets and income in a divorce. Keeping your assets hidden is a serious offense with many negative consequences. Honesty and transparency is the key to avoiding these consequences. For additional legal help, you will want to consult a Naperville, IL hidden asset attorney. One from the Pesce Law Group, P.C. will work diligently with you to create transparency on your financial affidavit and avoid incurring any penalties. Contact the firm at 630-352-2240 for a free consultation.