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Hiding assets during divorce could prove costly

On Behalf of | May 26, 2022 | High Asset Divorce |

Most people work hard to earn what they have, including their savings, investments, the house and perhaps a vacation property. When Texas couples are involved in a high-asset divorce, each spouse is expecting about half the value of those assets, which each person is supposed to disclose. If one person keeps quiet about some of the assets, he or she can walk away with a little more with no harm done, right? 

Actually, this would be wrong since hiding assets during divorce is against the law. Even if no charges result from lying under oath, getting caught will almost certainly destroy any trust the other spouse has to complete the divorce in good faith. It could cause significant delays in the entire process and make negotiating a financial settlement nearly impossible. 

Being honest about marital property 

Part of the divorce process involves signing a financial affidavit. By signing it, spouses are swearing they have disclosed all marital and non-marital assets and debts, even things each spouse did not know about or request information about. If it is later discovered that either spouse lied, he or she could technically be charged with perjury.  

Seeking help and support for these situations 

Some of the most common examples of attempting to hide marital assets include underreporting the value of certain assets, exaggerating the size of debts or paying money out of a business to an imaginary employee. Since the stakes are even greater in a high-asset divorce, ensuring all qualifying assets are properly accounted for could be critical for a divorcing spouse’s financial future. An experienced attorney can carefully analyze one’s unique financial situation and then work diligently toward achieving the best possible outcome, whether through negotiation or litigation.