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Blog 2021 January What Happens if My Spouse is Hiding Assets?
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What Happens if My Spouse is Hiding Assets?

Posted By Law Office of Kathryn Marteeny || 12-Jan-2021

During the divorce process, both spouses are required to disclose all financial assets and debts. Full and honest disclosure is essential to ensuring all marital property is appropriately divided, so if your spouse is hiding assets, this is a major problem that will require the skilled guidance of a divorce attorney.

Discovering Hidden Assets During a Divorce

If your spouse is hiding assets, this is considered a serious violation of fiduciary duties and it can have a profound impact on the outcome of your case. Keep in mind that hiding assets can affect your ability to achieve a fair divorce settlement in a number of different areas, including child support, spousal maintenance, and property division.

Below are some common ways in which spouses hide assets:

  • Giving away assets or cash to friends for safekeeping
  • Concealing certain assets in a safety deposit box you are unaware of
  • Selling assets far below their value

For those with businesses or more complex assets, it can be even easier to conceal assets by falsifying transactions of classifying personal expenses as business expenses.

Understanding the Consequences

The penalties for hiding marital assets can range, depending on the severity of the case. Judges have a vast amount of discretion and can even award the entire amount of a hidden asset to the other spouse to penalize the dishonest spouse. That said, even in cases where judges do not take any formal actions against a spouse who hides assets, that person’s credibility will be completely compromised, indirectly impacting the outcome of the divorce settlement.

Discuss the Details of Your Divorce Case with a Member of Our Legal Team!

If you are getting divorced and do not believe your spouse is being honest about your marital assets, you need an experienced attorney to handle your case and find any potentially hidden assets. At the Law Office of Kathryn Marteeny, our family law team is committed to helping clients create tailored solutions to meet their goals. You can rely on us to discover any assets your spouse may be hiding, so you can achieve a fair divorce settlement.

Reach out to our legal team today at (713) 936-2300 to set up an initial case review with a knowledgeable attorney to discuss the details of your case and learn more about what we can do for you.

Categories: Divorce, Family Law, Property Division

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Law Office of Kathryn Marteeny
Law Office of Kathryn Marteeny - Houston Family Law Attorney
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