Divorce is already a difficult and emotionally charged process at the best of times. Things can become even more complex when one spouse attempts to hide assets from the court.
This deceptive behavior not only prolongs the divorce proceedings but also creates additional stress and financial strain for both parties involved.
Identification of assets
One of the initial challenges is identifying what exactly is being hidden. It often requires thorough investigation and scrutiny of financial records, bank statements and other relevant documents. This process can be time-consuming and costly, as it may involve hiring forensic accountants or financial experts to uncover hidden assets.
Unequal distribution
When one spouse is hiding assets, it can lead to an unfair distribution of property during the divorce settlement. The concealed assets may go unnoticed during the division of assets, resulting in one party receiving less than they deserve. This can further exacerbate feelings of resentment and distrust between the divorcing spouses.
Impact on financial stability
Financial stability is already a concern for many individuals going through a divorce. When assets are being hidden, the financial implications can be even more severe. The hidden assets may have a significant impact on the financial well-being of both parties post-divorce, especially if one spouse is unaware of their existence. This can hinder their ability to move forward and rebuild their lives independently.
While 90% of divorces end on uncontested terms, many start out in a contentious manner. When one spouse acts unfairly or tries to hide marital assets, additional conflict can arise. Knowing what to expect in the face of such a situation can help you navigate the ensuing complexities.
