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Hiding assets can hurt you during a divorce

On Behalf of | Dec 4, 2020 | Uncategorized |

Getting divorced may create worry about your financial stability especially if you rely on your spouse to provide for your needs. Navigating the complexities of splitting assets will take time, but your patience and honest can keep you from losing it all.

While you may consider concealing some of your shared assets to protect them from litigation, this unwise move can potentially create much larger problems.

The value of honesty

Having concerns about your financial well-being during a divorce is completely normal. Your feelings may have further validation if your spouse is dishonest and manipulative and you fear that he or she plans to take everything away from you. However, according to experts, as shared by U.S. News, concealing money can destroy your reputation with important court officials. With your integrity in question, you may receive less than you would have if you had acted with honesty.

In addition to hurting your reputation, hiding money can have significant legal repercussions. These consequences may set you back even further and create debilitating financial stress. At the very least, if your spouse suspects your dishonesty, mounting contention may interfere with divorce proceedings.

Protecting your finances

While you should never conceal assets, you should absolutely put boundaries in place to protect your finances. Steps such as creating your own bank account and implementing a budget can help you plan for your future, establish your own credit and begin saving money. Strategically protecting the money you do have is perfectly legal. Do everything with complete transparency to avoid misunderstandings stemming from suspicions that you have tried to conceal assets.