It’s pretty common for couples going through divorce proceedings to hide their assets and present information that isn’t always authentic. In most divorce filings, both spouses are willing to disclose all their assets, finances, incomes, credit card debts and other obligations honestly and openly. This is critical as it’s the only way where both parties can know about their assets and financial situations, what is there to share. It’s the only way a proper settlement can be made without affecting or deceiving both parties.
It’s legally binding for all couples filing for divorce to accurately and honestly disclose all of their private assets, money, and debts. It’s illegal if you lied to the court, during a divorce hearing. Besides, the law also dictates couples to declare their all sources of income and expenses also. Though unfortunate, some individuals simply can't resist to lie and try to keep a part of their assets and money entirely for themselves. Many women will be surprised to discover that it’s very common for their estranged husbands to hide a section of their assets from their wives, and men use a range of tactics to do it. Some men exaggerate their debts, both credit card debts and other loans, report lower incomes than actual figures, and overstate their real expenses. While, other overvalue or undervalue or hide specific assets or properties.
Mostly, this is done so that the husband can expect to keep more marital assets under his ownership, and while depriving his spouse of an equal settlement. This tactic is not only entirely illegal, but it’s also dishonest, misguided and unethical. What’s more deploring that the fact, men has been engaged with this kind of murky practice for a long time. The leading nonprofit national foundation, the National Endowment for Financial Education(NEFE), reported that around 31 percent of US adults had presented falsified statements about their finances, incomes, and debts. Meanwhile, 65 percent of women has claimed that their husbands have lied to their about their assets, debts, and actual earnings. According to the NEFE survey, 58 percent of respondents admitted that they hid cash away from their partners, while 30 percent concealed a statement or bill from their spouses.
So the question remains, what are the consequences of falsifying information during a divorce proceeding?
It’s a serious matter if the husband or the wife is accused of disclosing an inaccurate information to the court. If an individual is accused of lying under oath, there is high chance that he/she can face harsh punishments or penalties. Penalties are imposed depending on the context of the cases and vary from state to state, but usually, the court decides the final verdict.
If the husband knowingly violates the assets disclosure laws, then a judge will order him to pay for all of his wife’s legal expenses or fines or both. In some dire circumstances, the husband will have all his accusations and claims void and risk of being incarcerated. The same rules apply for the wife too in case of presenting the court false information. She will have all her claims dismissed, pay for legal fees and any incurred defamations expenses of her husband.
The takeaway here is getting divorced isn’t same as getting married or being in a relation. It’s a serious issue will unintended legal consequences for falsifying information, that that can ruin your personal life and your family.