The Consequences of Hiding Assets in an Arizona Divorce
When going through a divorce, it is essential to be honest and transparent about all financial assets and liabilities. Unfortunately, some individuals may attempt to hide assets to prevent them from being divided equally between spouses. However, intentionally hiding assets during a divorce can have severe legal consequences. In this article, we will delve into the legal ramifications of hiding assets during an Arizona divorce.
What is Hiding Assets in a Divorce?
Hiding assets refers to the act of intentionally withholding information regarding one's financial situation during a divorce case. This can include transferring funds to secret accounts, disposing of assets, or undervaluing assets. Unfortunately, it is not uncommon for one of the spouses to attempt to hide assets during a divorce proceeding in an attempt to retain them solely for their own benefit.
Arizona's Community Property Laws
Arizona is a community property state, which means that all assets obtained during a marriage are considered community property and must be divided equally between the spouses during a divorce. But, when one spouse purposely conceals assets during a divorce, it can lead to an unfair settlement.
Consequences of Hiding Assets
If a spouse is found guilty of hiding assets during an Arizona divorce, they may face several legal and financial consequences. Firstly, the judge has the authority to award the entire hidden asset to the other spouse. Secondly, the judge can order the spouse who concealed the assets to pay financial penalties, such as legal fees and fines, to the other spouse. Thirdly, the court may award the other spouse a more significant portion of the community property to make up for the concealed assets. Finally, the spouse who concealed the assets can also face charges of contempt of court, perjury, or other criminal charges.
Imprisonment
Intentionally hiding assets during a divorce proceeding is illegal. If found guilty, the spouse who hid the assets may face imprisonment, depending on the severity of the crime committed. In Arizona, perjury is a class four felony that carries a maximum sentence of three years in prison and a $150,000 fine. Other severe criminal charges that could arise include fraud and forgery, which carry harsher consequences.
Penalties for Intentionally Hiding Assets in an Arizona Divorce
The penalties for concealing assets in the state of Arizona are severe. There are many reasons, including the harm it can cause a former spouse and their children, as well as the undermining of the integrity of the divorce justice system. The punishments and fines for concealing assets may include, but are not limited to -
- Fines ranging from $5000 to $100,000 or more
- Reimbursement of all attorney and accounting fees of your spouse incurred as a result of the search for hidden assets
- The court may award the other spouse a more considerable portion of the community property to make up for the concealed assets
- The concealed asset may also be awarded to the other spouse
- Imprisonment and criminal charges, including perjury and contempt of court
How to Avoid Getting Caught Hiding Assets
Hiding assets during an Arizona divorce proceeding is not just illegal but also risky. There are a few reasons why you shouldn't try to hide your assets, even if you think it will benefit you in the short term. Firstly, it is illegal, and you could face severe legal consequences. Secondly, if you get caught, you will lose credibility and faith with the judge and your spouse. Instead, be transparent and disclose all assets and liabilities from the outset. The risk of hiding them far outweighs the benefits. If you want more control over the fate of your assets, speak to a lawyer. They can help you find a legal way to protect your assets while still ensuring a fair settlement with your spouse.
Get Legal help
If you are going through a divorce and need help finding hidden assets or if you are accused of hiding assets, it is in your best interest to get legal help. At Cohen Family Law, our experienced family law attorneys are here to help you with all your family law needs. Contact us today to learn more about how we can help you.
Conclusion
Hiding assets during an Arizona divorce case is illegal and can have severe legal consequences. If you are going through a divorce, it is essential to be transparent and disclose all assets and liabilities to ensure a fair and equitable division of assets. If you need legal assistance or want to learn more about hiding assets during a divorce, contact Cohen Family Law.
Hiding,Divorce-Penalties for Hiding Assets in an Arizona Divorce
