Finances are one of the leading causes of divorce, so it is no shock that this is one of the most contentious aspects of the divorce process. Unfortunately, however, you may find that your spouse is hiding assets to avoid having them split during the property distribution phase. If this reflects your circumstances, you’ll want to keep reading to learn why this is a serious matter, as well as the importance of discussing your legal options with St. Louis property division lawyers to learn more about the penalties your spouse can face.
Why Do Spouses Conceal Assets?
First and foremost, it’s important to understand how Missouri handles property division during a divorce. Generally, the spouses are encouraged to work together to divide their shared marital assets among themselves. However, if this is not a viable option, the court will intervene. Like most states, Missouri adheres to the equitable distribution method. This means that assets will not automatically be divided evenly between the spouses, but rather the courts will award property based on each spouse’s contributions to the marriage and other present factors. It is important to understand that only marital assets are subject to distribution, and any property deemed separate will stay the property of the spouse who owns it.
In general, spouses will hide assets for two primary reasons. The first is because they simply feel entitled to it or wish to receive a more favorable financial outcome during the divorce. The other reason is that they want to punish their spouse for their decision to file or for the actions they believe caused the divorce. For example, if one spouse cheated, the other may attempt to hide significant funds because they feel it is their right as a wronged spouse.
Often, spouses will hide assets by utilizing secret bank accounts, underreporting the value of certain assets, or transferring the assets to their loved ones under the guise of “gifts.”
Will My Spouse Be Penalized for Hiding Assets?
If you discover that your spouse is hiding assets amid your divorce, it’s important to understand what can happen to them. In general, you’ll find that the court may order your spouse to pay your legal fees, increase your alimony award, or even grant you the property your spouse was attempting to hide.
Your spouse may also face legal penalties, such as being held in contempt of court or facing perjury charges. These are both considered criminal offenses, as they can both result in jail time for your spouse.
As you can see, the penalties for hiding assets during your divorce can be intense, which is why it is critical to connect with an experienced attorney with Stobie Family Law Group if you suspect that your spouse is concealing property. Our team understands how complicated these matters can be to navigate, which is why we will do everything in our power to help you fight for the best possible outcome for your circumstances. When you need assistance ensuring your divorce is fair, contact us today.
