Ordway Law Group, LLC
Ordway Law Group, LLC
Divorce & Family Law

Why is hiding assets an act of perjury?

| Oct 31, 2020 | Business Divorce |

Georgia couples going through divorce have a lot of hurdles to face. Of them, division of assets acts as one of the matters responsible for the most tension. The higher your assets are, the more you have to lose, after all. 

Unfortunately, some people decide that they do not want to give up their assets during divorce. Your ex-spouse may decide they want to try hiding assets so they do not have to give them up. Did you know this is an act of perjury? 

Signing a financial affidavit during divorce

Forbes discusses consequences for hiding assets during divorce, the most serious of which is a perjury charge. Why is perjury involved? Because of the financial affidavit you signed. In all contested divorces, couples must sign a financial affidavit. The court uses this to determine that you are telling the truth in your asset reports, barring unintentional mistakes. 

If your partner were to intentionally leave out information, this is another matter entirely. This is an act of lying to the court, which is perjury. The court can hold them in contempt and they may face conviction of perjury and the consequences that go along with it. 

How your judge may respond

The potential penalties do not end there, though. Your presiding judge may also have a thing or two to say about it. Many judges order a spouse withholding assets to pay more than the original equitable amount to their partner. Some even require the spouse to cover legal expenses for their partner. In other words, there is no winning when people try to hide assets. They often lose more than they would have saved if they got away with it. 

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