Divorce can inspire rage in people unparalleled to any other area of law. The emotions behind the end of the marital relationship, combined with money and child custody create a storm that drives people toward decisions that are out of their character. Among the poor decisions our firm sees is when people try to hide assets from their spouse and the court. The implications of this can be serious.
Hiding Assets From a Spouse and the Court
Hiding assets in the context of a divorce may include engaging in some of the following conduct without notifying and obtaining consent from the other spouse.
- Failing to report separate or marital property when disclosing an inventory to the court.
- Concealing income.
- Lavishly throwing around money in a way that cannot be recovered.
- Moving money from bank accounts.
- Selling property for pennies on the dollar.
- Transferring property to another person.
Grave Implications of Hiding Assets
Hiding assets can result in a stunning difference when it comes to the division of community property, alimony awards, and child support. Courts base these critical money and property orders on an honest disclosure of income and assets and hiding assets rob the court of the ability to enter proper orders.
Therefore, courts take hiding assets very seriously. If a court determines that a spouse has engaged in hiding assets, not only does that devastate the credibility of that spouse in the eyes of the court, but it will also result in an adjustment in community property, alimony, and child support to compensate the other spouse for their share of the hidden assets.
Significantly, if there is already an order in place protecting community property, and a spouse violates the court’s orders, then the court has the discretion to enter orders that require the wrongdoing spouse to return property and pay attorney’s fees and costs, among other sanctions sanctions. Further, the refusal to obey a court order can lead to a contempt finding which can include jail time.
Trust Viloria, Oliphant, Oster & Aman L.L.P.
While divorce is an emotionally charged experience, there are easily avoidable mistakes that hurt your financial future. The attorneys at Viloria, Oliphant, Oster & Aman, L.L.P. can provide you with custom-suited, no-nonsense legal advice to allow you to make fully informed decisions when it comes to your divorce. We are smart, proven professionals who will fight for your legal rights. If you need family law representation, contact us. Call Viloria, Oliphant, Oster & Aman L.L.P. today at (775) 227-2280 to schedule a consultation or contact our office through our website.