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Should you lie about your assets?

On Behalf of | Nov 30, 2020 | Firm News, Property Division |

Georgia residents like you have a lot on your plate during a divorce. This is especially true if you have complex assets to deal with. The process of dividing assets often takes up the most time. It can cause the most conflict, too. 

Many people may feel tempted to lie about assets because of this. But this choice can result in harsh penalties. 

Lying about assets is perjury

Forbes discusses what happens when you lie about your assets during divorce. First, it is a felony in the eyes of the law. Why? Because of the financial affidavit you signed at the start of the divorce process. This affidavit acts as a binding promise. You say you will tell the truth to the best of your abilities about your financial situation. If you lie on purpose, you break your word. 

The judge overseeing your case can hand down additional penalties as they see fit, too. One anecdotal case involves a wife winning the lottery before the divorce and lying about it. The judge ordered her to give her entire winnings to her ex-spouse after uncovering the deceit. 

Financial experts quickly uncover ruses

Some people feel more secure hiding assets in high-asset divorce cases. It is easy to overlook one or two smaller sources of income with so much to focus on. But these days, forensic financial experts can get to the bottom of a spouse’s suspicion in no time. 

In the end, it is never worth it to lie about your assets during divorce. The amount you may save does not compare to what you could lose if caught.