In a high-asset divorce, one of the things that people sometimes consider doing is hiding assets. If you’re someone who thinks hiding assets is a good idea, you may want to rethink that assessment.
If you hide assets and get caught, you could face serious penalties. There could be fines, probation or jail time. Not providing honest information about your assets constitutes perjury, which is why the penalties can be so severe.
Is it worth the risk if you don’t think you’ll get caught?
No, because the reality is that you’re going to get caught in 99 percent of cases. For example, if you did your taxes accurately but then underreport to the court, your spouse’s attorney can ask your employer for their records to find out your honest income. If your spouse thinks you have assets hidden, they may also hire private investigators or forensic accountants to track your expenses and where that money is coming from. It’s not worth the risk, especially considering the serious consequences that can result from lying to the court.
The best thing to do in any court case is to be honest. You can work with your spouse on a settlement that is fair to you both. Georgia allows you to split your income and assets fairly, so as long as you support your reasoning for wanting to keep certain assets, you’re going to have a better chance of doing so. Our site has more on what you can do if you want to protect your assets while you’re going through a divorce.