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What happens if you try to hide assets?

On Behalf of | Jun 3, 2020 | Family Law |

Divorcing Oklahoma couples cannot guess how your divorce will go. Some divorces are bumpier than others. When a divorce does not go well, you may feel more inclined to act on impulse. Unfortunately, acting out in such a way does not end well.

Today we will look at asset hiding during divorce. This is something you may do if you feel wronged. It can also backfire on you and get you into trouble.

Hiding assets is an act of perjury

Forbes looks at the consequences for attempting to hide assets in divorce. Most people do not know that this crime can result in serious penalties. This may include massive fines and even time in jail. The consequences are heavy because hiding assets during divorce is an act of perjury.

How is it perjury? When you begin the divorce process, you sign an affidavit. In doing this, you say that you are telling the truth to the best of your ability. This allows leniency if you make genuine mistakes. If you intentionally lie, you are in contempt of court. This is an act of perjury. You may face jail time or fines.

A judge can decide how your case is handled

The judge overseeing your case also has a say in how to handle your deceit. They may order you to pay reparations to your ex-spouse. They may order you to hand over more than you would have if you did not try to hide assets.

It is important to understand that hiding assets is a losing game. The penalties you may face outweigh any potential benefit by a long shot. Facing divorce with this in mind may keep you from making unfortunate mistakes.