White and White Attorneys at Law
White & White Attorney

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Can you legally set aside assets during a divorce?

On Behalf of | Jan 19, 2022 | Divorce

A divorce will alter the way your finances look and will probably require a complete overhaul of your budget. Anticipating these changes can help you take proactive steps to rebuild your wealth.

One option you may have considered is to set aside or conceal assets. However, even if you have partial or complete ownership of certain assets, hiding them can have serious legal consequences.

Preventing legal trouble

As a prerequisite to your divorce, you and your spouse will sign a financial affidavit. In this formal legal document, you promise to accurately report all of your financial assets. Doing anything other than what you agreed to is a direct violation of the affidavit and can leave you facing contempt charges.

Other consequences of hiding assets may include perjury charges and even jail time in serious cases. Even if the accusations against you do not result in overly harsh consequences, your reputation may suffer. You could also end up jeopardizing your portion of the settlement if the courts decide to give your ex more than you.

Protecting your rights

Even if you feel unhappy with your ex and experience feelings of resentment, do your best to remain calm and poised. Keeping your temper under control and responding to all inquiries with integrity can help you protect your rights. U.S. News suggests that you regularly monitor shared financial accounts to identify any suspicious activity from your ex. Once your divorce begins, frivolous spending by your ex is something worth documenting so you can get justice.

Divorce can surface some nasty emotions. Your resolve to maintain a civil persona can help you maintain a good reputation. This approach may enable you to move beyond your divorce as you proactively rebuild your future.