Rhode Island couples like you have a lot on your plate when going through divorce. Even if you are a childless couple, you still have financial matters to handle. In fact, asset division is often quoted as being one of the most complex and strenuous parts of a divorce.
So what happens when one spouse tries to hide assets from you? How can you tell this is what they are doing? And will they face consequences for doing so?
Early warning signs
Forbes discusses some of the consequences related to hiding assets in divorce. They also talk about red flags you can keep an eye out for. For example, financial infidelity often starts months or even years before the actual divorce happens. You can often trace back suspicious behavior to around the time you really started having trouble in your relationship. Potentially suspicious behavior can include:
- A refusal to allow you to look at receipts or bank information
- A suspicious funneling of money toward personal projects
- The repayment of supposed debts to friends or family members
- An increase in excessive expenditures
This behavior may increase or become more obvious as time goes on. In other cases, however, it actually becomes harder to detect.
Consequences for hiding assets
Attempting to hide assets is not without its consequences, too. If your ex-spouse gets caught and convicted, they face the potential of fines, fees and even incarceration. This is because lying about assets is acting in contempt of the court and counts as perjury due to the financial affidavit you sign. The judge presiding over your case may add more penalties too, such as forcing your ex-spouse to cover your legal costs.