Many different details must be worked out when two people decide to end their marriage. One of the most important involves the separation of assets. When you file for a divorce, it’s likely you and your spouse will each be required to fill out a financial affidavit. The information provided in this document allows the family law court to determine how money and other property should be divided between the parties.

You will both be obligated to report accurate numbers when it comes to income, debts, and expenses; however, it can be tempting to lie in an effort to keep a larger portion of the assets to yourself. Before doing this, it’s important to realize you can face serious penalties if the court discovers you intentionally supplied false information.

A Family Law Attorney Goes Over Potential Penalties for Lying About Assets in a Divorce

Contempt of Court

Falsifying information on official court documents is considered a form of perjury. This means a family law judge can hold you in contempt of court if they find out you purposely hid assets, embellished your debts, or failed to report all your income. The consequences could potentially involve costly fines and jail time.

Uneven Division of Property & Debt

You can also be penalized with an uneven division of property and debt. A judge may decide to award your spouse with a higher percentage of the assets or give them all the money you were caught trying to hide. In addition, they can choose to increase the amount of debt you’re responsible for instead of making it equal.

If you’re worried about losing a lot of your assets and how a divorce could impact your own financial security, the best course of action to take is to hire an experienced attorney who you can count on to fight for your fair share of the property. Jeremy L. Clark Attorney at Law is a trusted family attorney in Catlettsburg, KY. The law office is qualified to provide expert legal advice on a range of family law issues. Contact them at (606) 739-6774, or visit them online for additional information.