If you are trying to hide your assets during a divorce, it can be a serious issue. When the case goes to court, usually the court tries to divide the assets equally among the two parties, keeping in mind child support and alimony. For this to take place properly, the parties are asked to disclose their assets and financial statements honestly. Hiding something can lead to penalties and perjury. Any deception will be considered illegal by the court. To learn more, you can reach out to a divorce attorney Boston. Here are some ways people usually hide their assets during divorce:
Not disclose cash transactions:
One of the most common ways people are able to hide their assets or income is by getting paid under the table and getting cashback for purchases. These people can even go further by hiding this cash in their boxes and in undisclosed accounts. However, it must be noted that not disclosing the assets will hurt your credibility in court, and you may have to face legal consequences.
Gifting assets to a third party:
People often feel they can get away with not disclosing their assets if they gift their assets to a third party. However, if they do not put much thought into it, it can lead to legal problems later on. The idea behind doing this is that they can gift an asset to their parent or sibling and get it back once the divorce is settled. This is nothing less than deception.
Undervaluing their assets:
Partners also often try to undervalue their assets by disclosing their actual asset values. For instance, if a person buys a car of significant value and then gets modifications done to it, the value of the asset also increases. However, some try to deceive by not showing the modification value.
The thing is, it is quite natural for people to make mistakes when they are disclosing their assets. However, it is not acceptable by the court if they are doing so wilfully. Since it is not legal, you might even have to face legal consequences or charges of fraud because of it. Also, if you lose credibility in the court, it can affect other decisions about alimony and child support. To get the help of a lawyer, you can always schedule a consultation in Boston for free.