Divorce Settlement » What is the Penalty for Hiding Assets in a New Jersey Divorce?

What is the Penalty for Hiding Assets in a New Jersey Divorce?

The distribution of assets is one of the most contentious issues in a New Jersey divorce, so it should come as no surprise that many spouses try to hide their assets. If you are on the receiving end of this dishonest behavior, it can lead to all kinds of additional headaches. On the other hand, you might be wondering whether you can actually get away with this. There are severe legal consequences for any spouse who attempts to hide assets during a divorce in New Jersey, and all spouses should be aware of the potential penalties.

Regardless of where you stand, it is always a good idea to seek help from a qualified, experienced divorce lawyer in New Jersey. Whether you are concerned about losing your hard-earned wealth or you think your ex may be hiding theirs, a lawyer can help you approach the situation in an efficient manner. Aside from hiding assets, there are many legal considerations you need to take into account when approaching a divorce. Your attorney can explain all of these considerations in a clear, concise manner.

Fiduciary Duty

As soon as you get married to someone in New Jersey, you have what is called a “fiduciary duty” to them. This means that you have a legal obligation to act in the best interests of each other. This fiduciary duty lasts until the divorce is finalized, and violating it can have severe legal consequences.

Penalties for Concealing Assets

When you conceal assets from your spouse, you are essentially defrauding them. This can result in a range of consequences, including fines and jail time. That being said, perhaps the greatest potential consequence has nothing to do with criminal charges. When it becomes apparent that you have hidden assets during a divorce, you completely lose credibility in the eyes of the court. A spouse’s attorney may even decide to stop working for them once they find out they have been concealing crucial financial information. In addition, the court may order you to forfeit the entire value of your hidden assets. You may also be forced to pay your spouse’s legal bills, which is never fun.  If you are looking for New Jersey Alimony Attorney, Giro, LLP, Attorneys at Law, could be your first choice.

How Spouses Can Discover Hidden Assets

Even the most carefully hidden assets can be rooted out with the right approach. Spouses may hire forensic accountants, divorce financial analysts, and a range of other experts to help them find concealed assets. In many situations, these professionals can follow a money trail until they discover where the concealed assets are being stored.

Enlist the Help of a Qualified, Experienced Divorce Attorney in New Jersey

If your spouse is hiding assets, a New Jersey divorce attorney can help you get to the bottom of it. If you are concerned about losing your assets, there is no need to break the law. An attorney can help you protect what is rightfully yours. In either situation, you need to reach out to a dependable legal professional. Contact Giro, LLP, Attorneys at Law today.

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