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What are the consequences for hiding assets?

On Behalf of | Oct 6, 2020 | divorce | 0 comments

New Jersey couples like you have enough on your plate when going through divorce. Dividing assets is a struggle no matter what your financial situation is. Things get even more complex if your partner attempts to hide assets.

But many people who try hiding assets do not realize how much trouble they can get into for this.

Committing perjury by hiding assets

Forbes discusses the penalties your partner may face if they tried to hide assets from you. First of all, why is it illegal for your partner to hide assets? This is because of the financial affidavit you both sign at the start of the divorce. All contested divorces involve these affidavits. In fact, even some uncontested divorces include it.

By signing this affidavit, you tell the court that you are speaking the truth to the best of your knowledge about your assets. This includes income, debt, expenses and more. If you intentionally lie about your assets, this is an act of perjury and the court can hold you in contempt.

Penalties for perjury

In Illinois, perjury is a Class 3 felony. From this conviction alone, your partner can face up to 5 years in prison. The fine for perjury can range up to $25,000 as well. Of course, the judge presiding over your case can also tack on more penalties. For example, they may order your partner to cover your legal expenses or hand over a portion of the hidden assets.

No matter what tricks someone may try, attempting to hide assets is never worth it. In the end, you can fight to gain what you deserve.