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Hiding Assets in a Divorce: The Severe Consequences

It is only understandable that you should be afraid of the financial troubles a divorce could cause. And as your marriage is dissolving, it can be only natural to not want to your spouse to take away what you feel belongs to you. This anxiety could be amplified in states such as New York, where equitable distribution means that you might not get a full half of the assets if a court thinks your ex needs and deserves these assets more. But the illegal practice of hiding assets or failing to provide full financial disclosure is not the solution.

For one thing, you don't have a great chance of succeeding. Your spouse can start the discovery process, a legal procedure by which you will be called into a deposition and third parties will be ordered by a court to provide financial documents. In a deposition, you would be placed under oath as you are asked about finances and assets.

Any lies in a deposition could mean a perjury charge, meaning that not only are your finances at risk after your troubles, but you are now faced with the prospect of fines and a criminal record. If you hold back information, you could face a contempt charge, meaning fines, a record, and a jail sentence.

The solution: find the right divorce attorney.

A great divorce lawyer will never tell you how to conceal your assets, or do anything else underhanded for that matter. If you work with the right legal professional, you can achieve a financially favorable divorce settlement, without the stress and risks of illegal actions. If you work with Meyers Law Group, P.C., our Long Island divorce lawyer can provide the tough, skilled representation you need. Call today to learn about how our proven strategies could get you the results you need!