Where is the love? This is a question people who are in the midst of a divorce might ask when they discover that their soon-to-be-ex spouse has been hiding assets that belong to both of them. Unfortunately, hiding assets in divorce is all too common.
What are the penalties for hiding assets in a divorce?
If a person is caught lying under oath, he or she can be charged with perjury or contempt of court. Additionally, if the court discovers that one party is knowingly hiding assets or not providing full disclosure of assets, the judge can order them to pay the other party’s attorney fees.
How can you uncover your spouse’s deceitful actions?
If your soon-to-be-former spouse owns a business that you have no role in managing, there are vast opportunities for foul play on their part when it comes to hiding assets. When you suspect that your former spouse is hiding assets, let your attorney know right away. Family law attorneys work with private investigators and forensic accountants to go through your spouse’s financial records and uncover all of their bank accounts. They can issue subpoenas for loan applications, and they have all sorts of resources at their disposal to prove whether a net worth claim is accurate or inaccurate.
In Tennessee, when you file for a divorce it triggers an automatic statutory injunction or statutory restraining order, which serves to protect marital property while the divorce is in process. Attempts to divest of assets, and other violations of the statutory injunction can put the violator in contempt of court and facing serious consequences, including incarceration.
Divorce can be painful, and it can reveal the worst aspects of human nature. It is vital that you work with a divorce attorney who will advocate for your interests and obtain an outcome that is best for you. Do not to take on your family law problems alone. Contact Miller Upshaw Family Law, PLLC today at 615-391-4200 to schedule an in-person or video consultation with an experienced Nashville attorney.