A simple divorce can be a tumultuous, painful, and stressful experience. But a simple divorce can become complicated if you think your spouse is concealing assets. If this is the case, you will need a strong dose of patience, and an experienced marital attorney, and the following information.
How is property divided in a divorce?
The state of Florida upholds the equitable distribution of divorce property. Assets and debt are divided between spouses equitably, but not necessarily equally.
The law stipulates that divorcing spouses must report all income, assets, debts, and expenses. However, when faced with divorce, some spouses attempt to hide assets, overstate debt, report lower income than the real income, and undervalue assets in a devious attempt to cheat the legal system.
Are there legal consequences for misrepresenting assets?
Absolutely. There are strong legal consequences for a spouse charged with hiding assets or overstating liabilities. Penalties, decided by the court, include the reallocation of assets, contempt of court, and perjury charges.
If the court determines to reallocate assets, the “honest” spouse may receive a greater share of the marital assets to compensate for the “dishonest” spouse who was hiding assets. In addition, the court may include compensation for the private investigator and legal fees incurred by the “honest” spouse.
Hiding assets is considered an obstruction to the court’s administration of justice. If the court determines that the “dishonest” spouse engaged in contempt of court, the court can declare civil or criminal contempt of court which can result in heavy fines or even jail time.
Lying under oath about hidden assets or purposefully misleading the court system can result in a misdemeanor charge along with fines, a criminal record, and jail time of up to one year.
Consequently, the “dishonest” spouse’s acts of deception can result in significant and life-altering consequences.
If you are considering a divorce and believe your spouse may be hiding assets, it is in your best interests to contact a reputable, experienced marital and family law attorney. The experts at Troy Legal have helped thousands of individuals with Family Law issues including alimony. Contact our South Florida offices at (305) 514-0466 or (561) 910-4570 to speak with an attorney today.
Troy Legal, P.A. was founded in 2009 and serves clients throughout South Florida. Troy Legal, P.A., specializes in Marital and Family Law, providing reputable legal services for prenuptial and co-habitation agreements, paternity cases, adoption matters, alimony and child support, time sharing and parenting plans, drafting of qualified domestic relations orders (qdros), mediation services, equitable distributions, collaborative law, post-judgement modification and enforcement, domestic violence cases, and dissolution of marriage or divorce. Troy Legal, P.is dedicated to serving clients through compassionate and aggressive representation, while upholding the highest degree of ethical standards.
Troy Legal, P.A. was founded in 2009 and serves clients throughout South Florida. Troy Legal, P.A., is dedicated to serving clients through compassionate and aggressive representation, while upholding the highest degree of ethical standards.This website is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.