Colorado Attorney Services has their focus on providing each client with superior quality services. We value each client relationship by making sure that we meet their needs and expectations. Serving subpoenas and process serving is most of the work we do. The owner, James D. Roland, has ensured that his team of professionals are trained and continually updated about the laws casing what makes a serve legally valid. The team that James Roland must put together to form Colorado Attorney Services is all about providing you with exceptional service. Here is how we do it.
Is it a big deal to hide assets during a divorce?
The short answer is, yes. Hiding assets during a divorce is 100% illegal.
It may not feel like that big of a deal to you, especially considering that it is pretty common practice during a marriage to fib here and there about finances. Perhaps you choose not to tell your partner about that little purchase you made the other day, or maybe you withheld the true amount you received on your paycheck to save a little spending money for yourself. Either way, many couples would not think too hard before engaging in the above-mentioned scenarios. But whether doing so is wrong during a marriage, the fact is that it is wrong during a divorce.
Oftentimes when this issue comes up during a divorce you have what many refer to as the “out- spouse”. This refers to the spouse who did not handle most of the finances. Many times, the out-spouse turns out to be the wife. Not knowing the full extent of the financial comings and goings puts these individuals at a disadvantage. The spouse who did handle most of the financials, then, is easily able to lie and cheat their spouse out of what is rightfully theirs.
You will commonly see spouses attempting to hide assets by undervaluing marital property, reporting lower income, exaggerating debts, and expenses, in addition to simply hiding assets. The goal that individual is trying to achieve is keeping more money and assets than they are entitled to.
So, what if you, knowing the moral quandaries surrounding this practice, attempt it anyway? Well, before proceeding in a divorce, both parties are required to sign a Financial Affidavit. This document puts you under oath to truthfully disclose all properties, assets, income, expenses, and more under penalty of perjury. This means that even if you are not specifically asked about a certain asset, it is your sworn responsibility to disclose it.
Now, if you or your partner are caught lying under oath, it should not be surprising that there can be harsh consequences. On the lighter end of the spectrum, the court may deem the liar responsible for handling all the court fees. On the other end, the liar may be subject to incarceration. It all varies depending on circumstances and your judge. It is wisest to not partake in this common but terrible practice.
At Colorado Attorney Services, we know the emotional toll a divorce can take on an individual. That is why we offer a variety of legal services that can lighten your load during this difficult time. If you are interested in knowing the different ways, we can assist you during this time, be sure to give us a call!
By Colorado Attorney Services 9-24-2020