Full Disclosure of Assets and Debts in Divorce

 Posted on November 27, 2012 in Division of Property

One of the primary rules of all court proceedings is that you must tell the whole truth. Perjury is a serious offense because it usurps the power of the court system. In most states in can result in up to five years in prison. You can also perjure yourself in divorce court if you are not honest. This is also true for any signature on financial affidavits which are required in all divorce cases. In order to correctly move through the process of divorce all parties must disclose assets and debts.

That doesn't stop some people from attempting to undercut their spouses. They are under the impression that lying and cheating will allow them to keep marital assets for themselves. Commonplace techniques to achieve this result include reporting lower income, report higher expenses, overstate debts, or even hide marital property.

These actions are illegal yet do occur these days. According to the National Endowment for Financial Education, nearly a third of adults who combined assets with their spouses have been deceptive about money. Women in the relationship are actually more likely to lie about finances, at a rate of 65% to 47%. This would include hiding statements, purchases, bills or even cash.

The penalties if you are found being dishonest under oath in a divorce court can vary. In some instances, the violator would be subjected to paying for the other party's legal fees and fines. There are also times when there is a dismissal of claims. In the worst cases, lying about assets can be penalized by incarceration. To protect yourself in the process of divorce, always be completely honest. Contact an experienced divorce attorney in DuPage County who can keep you on the right side of the law.