Consequences of Hiding Assets

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Consequences of Hiding Assets During Divorce

Waukesha divorce attorneys aggressively protect your financial future

During divorce litigation, it is a requirement that both sides disclose their finances. This includes sharing all assets, as well as any debts in their name. It is an unfortunate reality, however, that sometimes one spouse will hide assets to gain a financial advantage. The Waukesha divorce attorneys at Bandle and Zaeske, LLP. can help you with all aspects of divorce proceedings. If you have concerns that your spouse may be hiding assets, we can help you find out if this is the case and then take the proper actions before the court to address the deception.

How Can Assets Be Hidden in a Divorce?

There are actually a few different things to be on the lookout for if you are worried your spouse may be hiding assets. Assets can be hidden by undervaluing marital property, understating assets, or hiding assets entirely in secret bank accounts. Your spouse may also overstate their debts on their financial statement or report a lower income.

How Can I Find Out If My Spouse is Hiding Assets?

It is important to hire an experienced divorce attorney to handle your case since many divorce attorneys with substantial experience in this area of law know how to properly examine financial disclosure statements and documents for signs that the other party is not being truthful. In some cases, it may make sense to hire a forensic accountant to examine the financial documents for fraud.

What Are the Consequences If I Can Prove My Spouse is Hiding Assets?

It is illegal for your spouse to hide assets during your divorce. When your spouse fills out the financial disclosure statement, he or she will have to sign it under oath. This means that they are committing perjury if they knowingly lie on the financial disclosure statement.

If you prove your spouse lied on their financial disclosure statement and therefore, committed perjury, he or she will face the consequences that the judge implements in your case. Depending on the degree of deception, the judge may order this issue to be resolved in a few different ways. The judge may opt to issue an order requiring your spouse pay your attorney fees for part, or all, of the case. Another consequence is that the judge may find your spouse in contempt of court and order them to pay a fine. Though rare, a judge does have the discretion to order someone who has committed perjury to face incarceration.

The Wisconsin high net worth divorce attorneys at Bandle and Zaeske, LLP. are familiar with all kinds of issues that frequently arise during divorce litigation. We help you obtain the best possible results in your divorce. Contact our office today to schedule a consultation by email or by calling (414) 359-1424 to set up a consultation with one of our experienced divorce attorneys. Our office is easily accessible and conveniently located at the corner of the 4 counties. We have more than 50 years combined experience helping clients in Milwaukee, Washington, Ozaukee and Waukesha counties.  We also practice in Dodge, Racine, Fond du Lac and Sheboygan counties.