If you have already filed a divorce action, you should be ready to make full financial disclosures. It is necessary for you to reveal all of your assets, along with any income streams you may have. Both parties will be required to sign the same type of financial disclosures, along with having to swear under oath that the financial information they have revealed is comprehensive and completely accurate.
You may be wondering what can happen if your spouse is found to have purposefully hidden parts of her financial information during this process? No two cases are the same, but the family law judge is given a wide range of options as to what type of punishment will be implemented. Men’s Legal Center can help you discover these hidden assets and bring them to the attention of the judge, which means more money awarded to you.
The penalty chosen by the judge can be hard to predict because of the varying details of each individual situation. Often times it results in the guilty party receiving a smaller share of the marital property. It is also common for the guilty party being ordered to pay the attorney fees of their former spouse, along with the innocent party being awarded the hidden assets. Less common, but not unheard of, the judge can force the guilty party to face criminal charges for contempt of court and perjury, which can result in jail time.
So what happens if you discover hidden assets after the divorce is finalized? It is possible that the case can be re-opened if you discover that your ex-spouse was hiding assets from the court during your divorce proceedings. This is done with the intent to prevent fraud when your spouse fails to make full disclosure, and prevents this type of illegal activity. After a case is re-opened, the hidden money is often awarded to the honest spouse.
Also, it is good to keep in mind that if either party is found to be hiding assets from the court, that party will lose all credibility for the remainder of the case. This party will be viewed as the dishonest party, and the honest spouse will be seen as the victim. This damaged image will very likely be carried over into other areas of the divorce such as child custody, visitation, and spousal support.
The urge to protect your money and assets during a divorce is a natural feeling. However, you must remember that the consequences of being caught can far outweigh any benefits you may gain. In most cases, it is simply not worth taking the risk. The Men’s Legal Center, along with most divorce attorneys, handle these types of situations on a daily basis, and they are fully aware of the tactics people use to hide money. If you do hide money, there is a very good chance that you will be caught.
Contact the knowledgeable attorneys at Men’s Legal Center. Our office is located in San Diego, California, but we proudly serve husbands, fathers, and non-custodial parents in many surrounding areas.