If you are affluent and getting divorced, money is undoubtedly a primary concern for you during this tumultuous time. You probably recognize that your marital assets will be distributed in the process, but you also want to protect yourself and ensure you will be financially stable in the years following the divorce.
This pull between having to split up your assets and wanting to keep what is rightfully yours can prove to be much more powerful and frightening than some people expect. In some cases, spouses feel driven to take drastic measures to protect themselves. Unfortunately, this can be a very big mistake if you try to protect yourself by hiding assets.
Hiding assets before your divorce is illegal. Both spouses are expected to be truthful and forthright when it comes to disclosing assets during a divorce, and failure to do this can result in serious consequences.
Among the many consequences that can be handed down, as noted in this Forbes article, you could face:
- Financial penalties that favor your ex
- Orders to pay your ex’s legal fees
- Loss of all hidden assets to your ex
- Contempt of court charges that result in jail time
These penalties can prove to be financially devastating if there is a significant sum of money at stake; instead of protecting yourself by hiding assets, you could be seriously damaging your financial future.
Rather than resort to unlawful measures in an effort to turn the tables in your favor during your divorce, it can be much wiser to work with an attorney experienced in high-asset Florida divorces to pursue legal means of doing so instead. With legal guidance, you can make sure your separate assets are protected and that any settlement regarding asset distribution is fair.