The Consequences of Hiding Assets During a Divorce

Florida is an equitable distribution state, which means that marital property will be equitably divided upon your divorce. During a divorce, the division of assets can be a combative process as each spouse has their own interests and goals.

Because of your fiduciary responsibility to your partner in a divorce, both parties must disclose all their assets. During the property division, each party is expected to submit a complete list of the marital and non-marital assets they own. However, some people choose to try and hide assets from their partners (and the court).

It is illegal to hide or misrepresent assets in any way. What are the potential consequences they might face for concealing assets?

Penalties for Hiding Assets in a Divorce

If a party is found to have hidden assets, they can face serious legal consequences. These consequences can include being:

• Found in contempt of the court. The guilty party may face criminal or civil contempt of court charges.
• Charged with perjury. If the perjury occurred during official court proceedings, you can be charged with a third-degree felony, which is punishable by fines of up to $5,000 and imprisonment for no more than 5 years.
• Charged with fraud. In some instances, criminal charges may be pursued, but this is a rare occurrence.
• Required to pay the other party’s fees and bills. The fraudulent party may be asked to pay the other party’s attorney’s fees or private investigator’s bills in addition to court fees.

What Can You Do If You Suspect Your Spouse Is Hiding Assets?

If you believe your spouse is hiding assets, you should immediately consult with your attorney. A reliable attorney will be able to help you uncover any hidden assets; they may also be able to connect you with an investigator or forensic analyst who can help you gather evidence of hidden assets.

At Orshan, Spann & Fernandez-Mesa, we solely focus on divorce and family law cases. We have decades of combined experience in helping clients navigate family law matters. If you are going through a divorce and worry your spouse is hiding assets, our skilled attorneys are prepared to fight for you and your interests.