Again, there may be some legal distinctions depending on the particular community property state you live in. Check with a local attorney for more information. Equitable distribution states aim to split everything up "equitably" or fairly, based on the particular circumstances of the marriage. Each spouse is entitled to a share, but not necessarily half.
Courts in equitable distribution states will usually look at a variety of factors, including the length of the marriage and each spouse's contributions both financial and on the home front when determining who gets what.
There's a chance you'll get away with hiding assets to prevent them from being included in the community property or equitable distribution settlement. However, by hiding assets, you are taking a huge risk. First, there is a legal process in all states called "discovery," which is a way for divorcing spouses to gather information from each other and third parties, including banks, companies, employers, k plan administrators and the like.
During discovery, you and third parties will be compelled to turn over relevant financial information to your spouse or your spouse's attorney. You'll likely be deposed, which means you'll have to provide live testimony, under oath, about assets and property. If you lie during discovery or your deposition in order to hide assets, you've committed perjury a punishable crime. If your lies are discovered by your spouse, your spouse's attorney, or a judge, you may face severe sanctions monetary fines or a perjury charge.
Likewise, if you simply fail to report assets or provide financial information to your spouse during a divorce, a court can order you to do so.
If you defy the court when it, for example, orders you to share account balances and the location of money, you can be held in contempt of court, which can mean jail time.
Although each state may have different laws about legal discovery and fines, most follow the general rules set forth in this helpful article, How to Find Hidden Assets in Divorce. Instead of hiding assets, get a good divorce lawyer. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.
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Last reviewed October Divorce Contents. Claim assets are lower than you remember? Claim an income that is low? Seem hesitant to share financial information with you? These are signs he or she may be hiding their assets. Marital Property in Divorce Community Property vs. First Steps for Divorce. Alternatives to Divorce. The Divorce Process. Special Circumstances in Divorce. Dividing Money and Property in Divorce. Handling Money and Property During Divorce. Separate vs. Marital Property in Divorce.
Community Property vs. Equitable Distribution Divorce. Pre-Marital and Post-Marital Agreements.
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