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Why should you not conceal assets during a divorce?

The uncertainty of splitting from your spouse could put you into a tailspin of panic. You might want to stockpile what you can in preparation for the unknown.

However, choosing to hide assets could only worsen your situation and make your future more unstable. When you understand the reasons why you should refrain from hiding money, you might have more incentive to find other options for saving.

Concealing could harm your reputation

Your reputation in court plays a role in the settlement you receive at the end. You want the court’s perspective of you to be a positive one. You want to highlight your honesty, dignity and compatibility. This means leaving all financial decisions in the hands of the court and not trying to hide things from them. According to the California Courts, monetary assets include everything from furniture and vehicles to pensions and stocks.

Concealing could jeopardize your settlement

Any assets that accrue growth during your marriage could qualify as marital property. Your decision to conceal them or claim them as your own could appear as stealing. Your actions could result in costly legal consequences which could interfere with your settlement and leave you with less than you could otherwise have.

As soon as you know a divorce will happen, start planning for your future. Open a personal bank account. Remove your partner’s name as an authorized person on your credit cards. Inform your employer of the change in marital status. These types of preparations are legal ways of getting ahead of the financial uncertainty that many divorces cause.



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