If you are on the verge of putting an end to your marriage, you already may realize there are a number of tasks you must accomplish. One of the more important ones is dividing up everything you and your soon-to-be ex-spouse collectively own. This can be difficult, of course.
According to Tennessee law, divorcing spouses typically receive an equitable share of marital property. To facilitate the equitable distribution of marital estates, courts require both spouses to make financial disclosures. If your spouse lies on these disclosures by attempting to hide assets, he or she might face some serious consequences.
Losing the hidden asset
During divorce proceedings, judges tend not to award deceptive spouses for their bad behaviors. Indeed, once the court knows about your spouse’s efforts to hide marital assets, the judge is likely to give the asset or its value to you.
Incurring court sanctions
Providing untrue or misleading information on court-mandated financial disclosures usually violates court rules. As a result, the judge in your case might decide to hold your spouse in contempt of court.
Facing criminal prosecution
In his or her effort to hide assets from you and the court, your soon-to-be ex might break the law. If your spouse commits perjury, fraud or another crime, prosecutors can bring criminal charges against him or her.
As you can see, the consequences of hiding assets during a divorce can be harsh. Ultimately, to avoid these consequences, your spouse should include all marital assets on his or her financial disclosure forms.