It’s no secret that a considerable number of divorces are caused by financial issues between the couple. As such, it may not be a surprise to learn that the division of assets is often one of the most contentious aspects of divorce that couples will encounter. Unfortunately, matters may be made even worse if you discover that your spouse is concealing assets to cheat you out of the property you are entitled to. If this represents your circumstances, the following blog explores what happens when a spouse hides assets and the importance of working with Tampa property division lawyers to learn more about these complicated legal matters.
Why Do Spouses Conceal Assets During a Divorce?
First and foremost, it’s important to understand that, in Florida, only marital assets are subject to division during a divorce. Additionally, the state adheres to the equitable distribution method, meaning assets will not automatically be divided equally between the spouses, but rather based on a number of factors.
Unfortunately, there are a number of reasons that spouses conceal assets during a divorce. One of the most common is for financial gain. Many spouses, in an attempt to come out of the divorce in a better financial position than their spouse, will conceal assets to prevent them from being seized and distributed. In other circumstances, a spouse will hide assets as a means of “punishment” for their spouse. A spouse may feel as though they were wronged by their spouse, and hiding assets is a way to “get back at” them for their actions.
There are a number of ways in which a spouse may attempt to hide assets amid their divorce. Most commonly, this includes using hidden or secret bank accounts, “gifts” to friends and family, or manipulating documents to make it appear as though assets are worth significantly less than they actually are.
If My Spouse Hides Assets, Can They Be Penalized?
If your spouse is caught hiding assets, it’s important to understand that they can face serious legal consequences as a result. In general, you’ll find that your spouse may be held in contempt of court or face perjury charges if they lied under oath. Both of these can result in significant consequences, like fines and even the potential for time spent behind bars.
You should note that, in addition to potential perjury or contempt charges, hiding assets can result in the judge ordering your spouse to pay your legal fees and even potentially award you the assets your spouse attempted to conceal as punishment for their decision.
As you can see, asset concealment in a divorce is not something that is taken lightly. That is why it is in your best interest to connect with an experienced attorney with Tampa Law Group if you believe your spouse is hiding assets. Our team can work to examine financial documents and uncover inconsistencies to help ensure you receive a fair divorce. Contact us today to learn more.
