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Why shouldn’t you hide your assets?

October 19, 2019 | Firm News

As part of a couple in Colorado who is getting a divorce, you will have many trials, tribulations, and hurdles to go through. Emotions will undoubtedly run high. It’s not surprising that one or both of you may be thinking of ways to spite the other. Some may even be considering hiding some of your assets to reach that end, but that is not advisable.

The Women’s Institute for Financial Education takes a look at why you shouldn’t hide assets during a divorce, no matter how tempting it may be. This is because hiding assets can actually result in some hefty penalties. You may be served a court order demanding that you turn over certain financial documents. If you refuse to abide by this order, a judge may hold you in contempt of court. This can result in you facing time in jail or hefty fines.

Additionally, you can be deposed and required to answer questions about your financial situation while under oath. Lying under oath is committing perjury. If you do that, you could face huge fines, the possibility of probation, and potential jail time as well.

Though some people think that they will simply be able to outsmart the system and their spouse, there are plenty of ways that someone can track down the truth about your financial situation. In cases where spouses have suspected their spouse is lying about their finances, they have even turned to private investigators who specialize in finding hidden assets. In short, the potential benefit you may think is associated with hiding assets does not outweigh the downsides.

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