North Carolina couples have a lot of hurdles to jump during divorce. This is especially true when it comes to assets. The division of assets is often the most contentious and stressful part of the divorce process.
During this part of the process, your spouse may attempt to hide assets. Unfortunately for them, doing this is a big mistake with serious repercussions.
Hiding assets is an act of perjury
Forbes discusses consequences that may stem from attempting to hide assets during divorce. First, why would someone try to hide assets? There are many reasons they may do so. Some may feel as though you do not “deserve” your rightful share of assets. Others fear financial instability after a split and want to give themselves the advantage.
Whatever the case, lying about assets is an act of perjury. How? When you get a divorce, you must sign a financial affidavit. This shows the court that you are speaking the truth about your finances to the best of your ability. This caveat allows for leniency if you make a genuine mistake. If you make an intentional attempt to hide assets, however, you are lying on an affidavit. This act of perjury could hold you in contempt of the court.
Other penalties a judge may add
On top of facing penalties for perjury, someone convicted of hiding assets could also face further penalty. The judge overseeing your divorce has the power to make further court orders. For example, they may order a spouse who tried to hide assets to pay for their partner’s legal fees. Due to these stacked penalties, it is never worth trying to hide assets.