Hidden assets in divorce
While there are penalties for those who attempt to hide assets in divorce, some people are still willing to take this risk.
Full and frank financial disclosure is essential in order for negotiations about the divorce financial settlement to begin.
If one (or both) parties are hiding assets, negotiations could break down and going to court may be the only option. In this instance, the court would order both parties to fully disclose their assets and finances.
My divorce: what should I do if I think my spouse is hiding assets?
It is vital that you inform your solicitor of your suspicions as soon as possible, so that they can take the necessary action.
If the court believes that one party is hiding assets in a divorce, there are several different courses of action that it can take. If the court believes that your partner is hiding money, for example, it could make a court order on the basis that your partner does in fact have this money.
What are the penalties for hiding assets during a divorce?
The court has various different punishments available to it. For example, one party could be ordered to pay the other party’s legal costs, if they are found to have been hiding money in a divorce. Alternatively, the party who attempted to hide the assets, could end up with a less favourable financial settlement than if they had not attempted to hide the assets.
What can a solicitor do to help if my partner is hiding assets?
Your solicitor will be able to advise exactly what steps need to be taken in order to ensure that the assets are taken into account by the court when it is making a financial order.
If necessary, your solicitor can also take urgent action to stop your spouse from disposing of assets.
If you are concerned that your partner is attempting to hide or dispose of assets in order to keep them out of your divorce financial settlement, it is vital that you seek legal advice from a solicitor experienced in this area of law as soon as possible.
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