When divorcing, if one spouse is caught hiding money or other financial assets they put themselves at great risk for serious consequences. If caught by the courts, they take what is referred to as financial misconduct very seriously. Often, when caught, it will skew your opinion with the court. The result of which will usually have the judge award more assets in favor of the honest spouse.
While the term financial misconduct usually makes the dishonest spouse out as the villain, this is not always the case. In some cases, a spouse finds themselves in a financial misconduct situation simply because they were over eager to begin the divorce asset split. In other cases, they simply wanted to make their separate property more clear so that it wasn’t lumped into marital assets.
Unfortunately, this urge to take action is typically a bad one. It leads to accidental financial misconduct that can greatly affect the split of marital assets in a divorce. What is the best way to avoid this sort of incident? Do nothing.
Action on your own should be avoided when divorcing. You should make clear what you believe to be your separate assets, which are assets gained before the marriage, to your lawyer so they can work on preserving it. In some cases, what you believe to be separate assets may not be so at all, in which case, trying to remove them from the marital assets is clear financial misconduct. In divorce, you should always do assets division through your lawyer to make sure every action you take is within the confines of the law.
If you are starting divorce proceedings and need a lawyer to represent your interests, contact us today.