The trust level between spouses who are divorcing may already be strained. Add to that a spouse who is thought to have hidden assets and the situation can become even more volatile. This type of problem can occur in a marriage in Louisiana where financial transparency is nonexistent and when one spouse handles the financial affairs within the marriage. Often a spouse may hide assets when he or she has an inkling that a marital split is imminent.
There are some key points to notice when one spouse may be rifling assets away. If the person doesn’t want to answer questions regarding finances, it may be an indication that something is amiss. If there are noticeable changes in financial areas like an increase in the amount of transactions in bank accounts, that, too could be a sign that something is not right. Hiding assets in a divorce situation is actually against the law. The law requires a complete financial statement.
If one spouse notices that bills or debt have been piling up when he or she knows there is enough income to pay the bills could mean two things. It could be that he or she is not fully aware of the financial status, or one spouse might be hiding assets. When a person lies under oath, he or she can face very serious consequences.
If one partner knowingly violates asset disclosure laws, a judge could order him or her to pay the other partner’s attorney fees and/or fines. In the most serious cases, the person who has hidden assets could even lose those assets and/or face incarceration. A Louisiana attorney may be able to provide guidance to his or her client who believes a spouse is hiding assets during a divorce.