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Hiding assets in divorce is not okay

On Behalf of | Dec 1, 2022 | Divorce |

If you and your spouse have decided not to continue together as a married couple, there are numerous issues to resolve before going your separate ways, especially if you have children. Finances are always a primary concern in such cases. Achieving a fair settlement requires full disclosure from both spouses, regarding assets and liabilities. If your ex refuses to act in a fair and amicable manner, complications may arise, such as in situations where a spouse is hiding assets in a North Carolina divorce.

In a perfect world, spouses who wish to divorce would peacefully resolve all relevant issues, achieve a settlement and then move on to new lifestyles. In reality, many spouses have encountered serious legal problems when their former partners have tried to beat the system. They may have done this by stashing cash or otherwise hiding assets to try to gain an upper hand in property division proceedings.

Where to look if you suspect that your ex is hiding assets

If you suspect that your ex is being dishonest as you prepare for property division proceedings, you may want to further investigate the issue. There are spouses who conduct online searches for articles on how to hide assets. In fact, such articles often suggest ways like those included in the following list:

  • Overpaying on tax returns
  • Stashing money in a safe deposit box
  • Using a debit card to request cash back in stores
  • Transferring money from a jointly owned account to a private one
  • Asking friends or relatives to hold cash, disguised as a loan

These are just a few of many ways that your ex might be hiding assets in a divorce. If you ask about a bank withdrawal or a supposed loan to a friend or relative, and you receive anger or a defensive attitude, it is definitely cause for concern.

Both spouses must adhere to property division rules to obtain a fair settlement

Hiding assets in a North Carolina divorce is a form of perjury. The court does not take lightly to people who disregard state laws or conduct schemes to try to undermine the legal system. In fact, if you can show evidence that your spouse has not fulfilled full disclosure requirements or has been trying to hide assets, the judge overseeing your case can hold him or her in contempt.

The court cannot determine an equitable division of property between you and your spouse if one of you has been dishonest about assets and liabilities. This is a serious legal matter. If you suspect that it is happening in your divorce, you can seek immediate legal intervention.