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Are there any consequences for hiding assets before a divorce?

On Behalf of | Feb 23, 2023 | Divorce

Many divorce couples blame money for the demise of their marriages. This makes sense, of course, as too many couples simply do not have the same financial values. Indeed, according to reporting from CNBC, as many as 64% of life partners simply are not compatible financially.

If you and your husband or wife have not seen eye-to-eye on money matters during your marriage, your financial disputes might continue into your divorce. Your soon-to-be ex-spouse even may try to hide assets from you. Luckily, there are some very real consequences for doing so.

Each spouse has certain obligations

In any divorce in the Lone Star State, each spouse has a legal obligation to disclose assets and debts to the other spouse and to the court. Judges take these financial disclosures seriously and can impose sanctions against a spouse who lies or otherwise tries to be deceptive.

Dishonest spouses can lose assets

It is not uncommon for judges to further punish spouses who hide assets. In fact, a judge might choose to give the asset or its value to the truthful spouse. This means your husband or wife eventually might lose the asset he or she tried to hide.

No one can commit crimes

While it certainly is possible to hide assets without violating the criminal code, many deceptive spouses commit fraud, perjury or some other crime. If your spouse does so, prosecutors may bring criminal charges against him or her.

Ultimately, because of the serious and real consequences that come with hiding assets before a divorce, both spouses should be forthcoming about marital wealth.

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