Is hiding assets from spouse illegal?

Is hiding assets from spouse illegal?

Whatever the reason, hiding assets, income and debt is not only unethical; it’s also illegal and subject to severe penalties IF discovered. But even so, the burden of proof is often on the spouse with less financial resources (typically the woman) to prove any such unscrupulous behavior.

Is it possible to hide money during a divorce?

Hiding funds during a divorce is a morally objectionable and highly illegal practice. That doesn’t mean people don’t try. Ask any divorce lawyer and they’ll tell you that hiding money is never, ever, the right move.

How do I know if my ex is hiding money?

If you even suspect the possibility that your spouse could be hiding assets during your divorce, then start searching. It might be a good idea to hire a private investigator and/or a forensic accountant to look for anomalies in your husband’s declarations and financial paperwork.

Can my husband creditors come after me?

When people separate after a relationship breakdown, their priority is usually the division of the assets. Sometimes there are not adequate assets to sell in order to pay out a debt in full and if the debt was incurred in both names, then both parties remain liable to the creditor.

Can collection agencies go after spouse?

“The creditor can only get a judgment against the person who is on the card, so they would not get one against the spouse. However, in collections, they might be able to go after the assets of the spouse,” says John H. Graves, an attorney in Moore, Okla.