Although we often do not consider it as such, a divorce is the end of a financial relationship just as much it is a romantic relationship. When a couple gets married, they combine not only their personal lives but also their finances. When a married couple divorces, courts must decide how to divide the property, assets, and debt which the married couple owns. The courts must also consider whether either spouse should be ordered to pay child support or spousal maintenance (formerly called alimony) to the other. In order to make these decisions, courts rely on both parties’ complete honesty and transparency regarding their financial situations. When one or both spouses are not honest regarding their finances during a divorce, there can be serious consequences which significantly complicate the divorce process.
How Do Spouses Misrepresent Their Financial Status?
A spouse lying about their assets, property, income, or debt is not as easy to spot as you might think. There are many methods unscrupulous spouses use to hide their true financial status from the courts. A spouse being untruthful about his or her finances may: