Why is it a bad idea to hide assets?

Couples in Colorado who are getting a divorce will also have to worry about the division of assets. This can get complicated quickly. Moreover, if there are bitter feelings between spouses in a divorce, it can be tempting to try hiding assets to cheat a spouse out of their share. However, this is a bad idea for many reasons.

First of all, hiding assets is actually a crime punishable by law. If you lie during the detection process or while on the stand in court while under oath, it can be considered perjury. This is punishable by a prison sentence as well as a hefty fine. The worth of hiding a few assets is not equal to what you would pay both in the amount of time you may have to spend in jail, as well as actual money.

You can’t even lie through omission as some people believe, such as leaving out certain pieces of financial documentation when asked to hand everything over or simply refusing to hand things over in the first place. A judge can order you to hand this information over if you do not do it voluntarily. If you continue to refuse, the judge can actually determine you to be in contempt of the court, which is also punishable by fines, fees, and the possibility of time in jail.

If you are interested in looking further into matters of family law, including how to handle high asset divorces and the specific problems that may crop up because of them, consider visiting our web page on family law matters, linked here.

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