A Brighter Future For Your Family

  1. Home
  2.  | 
  3. Property Division
  4.  | Are there any legal consequences for trying to hide assets?

Are there any legal consequences for trying to hide assets?

On Behalf of | Dec 2, 2022 | Property Division

Before two people decide to walk down the raise, they should understand each other’s financial views. After all, according to reporting from CNBC, financial disagreements are a commonly cited reason for divorce. This is especially true when one spouse is not honest with the other about money matters.

If your spouse has been dishonest about finances in the past, he or she might continue to lie during your divorce proceedings. Your soon-to-be ex-spouse even might try to deceive the court to gain an unfair advantage. Luckily, there are some serious legal consequences for attempting to hide assets.

Court sanctions

During any divorce, both parties must make certain financial disclosures to each other and to the court. Like in other places, judges in Texas do not usually appreciate those who flagrantly violate court rules. Indeed, a judge might hold your deceptive spouse in contempt of court for not being truthful.

Criminal charges

While it may be possible to hide assets without violating any law, unscrupulous spouses also might engage in fraud, perjury or other criminal activities. If that happens, prosecutors may have enough evidence to file criminal charges.

Financial consequences

If you or your attorneys find out about your spouse’s attempt to hide assets, your husband or wife is likely to lose the asset or its value. That is, a judge might give the asset to you and force your spouse to pay any expenses you incurred in finding it.

Ultimately, because trying to hide assets can cause major headaches, your soon-to-be ex-spouse would be smart to be as honest and forthcoming as possible.