In an Indiana divorce, both parties are legally required to disclose what they own and owe. This is intended to ensure that marital property is divided equitably per Indiana marital property laws. Unfortunately, it is not uncommon for some couples to withhold marital property.
While most people understand that hiding marital assets is both illegal and inappropriate, some still do it for whatever reason. So, what do you do if you suspect that your spouse is being economical with the truth as far as marital assets are concerned?
Why hiding marital assets is never a good idea
A marriage is a financial union as much as it is a legal one. It is not uncommon for a married couple to share assets like bank accounts, movable assets and real estate. In a situation where only one spouse was working while the other stayed at home, that spouse might think they are entitled to a greater portion of the marital property.
However, this is never the case since the stay-at-home spouse definitely contributed to the household in other ways such as cleaning the home and raising the kids. As such, they are entitled to a fair share of the property should the marriage end in a divorce.
Hiding marital assets is considered perjury, and a conviction can lead to the following consequences:
- The guilty party might be ordered to pay fines as well as the other party’s legal fees.
- In extreme cases, the guilty party might face jail time.
- They may lose whatever they attempted to hide in the divorce if the judge so orders.
Where do spouses hide marital assets?
Couples hide marital assets in a number of places. Transferring funds to offshore accounts is, of course, most people’s favorite. For spouses who own businesses, it is not unusual to hide assets by underreporting income and expenses. A relatively new yet effective way of hiding assets is through cryptos.
Money can be a big problem during a divorce. Find out how you can safeguard your rights and interests when you learn that your spouse is hiding marital assets.