Study Reveals Shocking Stats About Hidden Assets During Divorce

According to a recent study coming out of the UK, one in four people admitted to hiding assets when going through the divorce process. During divorce, each side is required to provide full disclosure regarding their income, property, and assets. Any attempt to hide these assets can result in the courts handing down severe penalties. Failing to provide full financial disclosure is illegal. Still, many individuals going through a divorce continue to try and hide assets so it is not awarded to their spouse during the process.

While the study was conducted in the UK, it is still comparative to what happens in Pennsylvania, and throughout the United States. Below, our Delaware County property division lawyer explains more.

Stats from the Study 

The UK company, Investec Wealth & Investment conducted a study questioning people who had divorced within the past ten years. The results showed that one in four people admitted to not telling their spouse about their total wealth during the divorce. That is 25 percent of people who were not honest about their assets during divorce. Approximately 24 percent of these individuals admitted to hiding assets that had a value of 10,000 pounds or more.

Another interesting statistic coming from the study showed that men are far more likely to hide assets during divorce than women. While 33 percent of men admitted that they tried to conceal property during divorce, less than half of women, only 15 percent, admitted to the same thing.

The study also looked into final divorce settlements. Approximately 36 percent of the 69 people studied said they were not happy with their divorce settlement. Of these individuals, 17 percent stated that they believed their former spouse was also unhappy. However, 54 percent of individuals stated they were happy with their settlement and of these, 61 percent believed their former spouse was also happy with the settlement.

Penalties for Hiding Assets During Divorce 

Hiding assets during the divorce process is very common. To try and combat the problem, the law allows for a number of penalties spouses hiding assets can face. These include being charged with fraud, contempt of court, and perjury for making false statements to the court. Trying to defraud your spouse from their fair portion of the marital estate can also result in a smaller share of marital assets being awarded to the dishonest spouse.

Additionally, any person who tries to conceal assets will likely lose all of their credibility with the court during divorce proceedings. Judges are likely to view dishonest individuals as unreliable and favor the other party when decisions are made.

Call Our Property Division Lawyer in Delaware County Now 

At Barbara Flum Stein & Associates, our Delaware County property division lawyer can help you find any assets your spouse has hidden so you obtain the fair settlement you deserve. Call us now at 610-565-6100 or contact us online to schedule a consultation with our experienced attorney and to get the legal advice you need.

Source:

law.cornell.edu/gender-justice/resource/23_pa._c.s.a._§_3501_domestic_relations_-_property_division