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Why do some people try to hide assets when they divorce?

On Behalf of | Mar 10, 2022 | Family Law

You and your spouse need to split up years’ worth of income and property when you divorce. If you can’t reach an agreement with one another, then you will wind up in the Mississippi family courts. A litigated divorce means the judge has to learn about your family circumstances and review your property before splitting it and what they think is an equitable fashion. 

In either approach to divorce proceedings, you need to know what property you have to seek a fair outcome. Unfortunately, it is more common than people realize for one spouse to try to hide marital assets from the other.

What impact could those assets have on the divorce? 

The outcome won’t be fair when you don’t know the full financial picture

For you to negotiate a settlement or a judge to divide your property in a way that is truly appropriate, there needs to be honest disclosure about your property. The reason people hide assets is so that they don’t need to share them. The motive may be a desire to feel like they “won” the divorce or even a need for financial security. Regardless of the motivation, it is inappropriate during a divorce. 

You cannot claim your fair share of a bank account that’s hidden. Your spouse could also receive more than their fair share of assets if they intentionally underreport what they have or what it is worth. Some people play property for the duration of a relationship, but others only start when divorce approaches. 

A careful review of your household financial records can help you determine if there may be hidden assets and could help you at least start the process of tracking those assets down. When you understand the most common concerns in modern divorces, you will be in a better position to protect yourself.