Child custody and property division are perhaps the two most contentious aspects of divorce. It’s clear why custody is emotionally charged, but property division can be too, especially if your life savings are at stake. Lying about how large your nest egg is or hiding assets could have serious consequences. Below, a family law attorney from Coyne, Cundiff & Hillemann, PC explains what could happen if you do not disclose all assets during divorce proceedings.

Omissions

Once the divorce proceedings are underway, both you and your spouse will have to complete a financial affidavit. This is a formal court document that will provide the judge with a clear understanding of all joint property, as well as any individual assets each person holds. Such information will help the judge make decisions regarding asset division and alimony.

If you omit anything when completing the affidavit, the repercussions could be severe. Depending on the circumstances, you could even face criminal charges and potential jail time for perjury. Such an outcome would likely only result if you hid a significant amount of money from the court. A more plausible outcome is a less favorable settlement. For example, if you tried to hide $20,000 in assets, the court might simply award it to your spouse after dividing everything else equitably.

Miscalculations

If the information you submit is incorrect but the inaccuracies are the result of simple miscalculations rather than outright omissions, the family law judge will likely go easier on you. It is important that all documents you submit are accurate, but as long as you were not intentionally dishonest, you can expect no more than a stern warning from the judge to review all future paperwork closely before submitting it.

If you need a divorce attorney who will ensure all the documents you submit are accurate, turn to Coyne, Cundiff & Hillemann, PC. Based in Lake St. Louis, MO, this firm has a team of seasoned trial lawyers with more than 75 years of combined experience. In addition to family law, they also practice criminal defense and personal injury law, so you can turn to them for virtually all legal needs. Visit their website to learn more about the compassionate and strategic counsel they provide clients, or call (636) 561-5599 to schedule an initial consultation today.