What consequences befall people who try to hide assets?

New York couples may someday go through the painful process of divorce. It happens to many people for a variety of different reasons. Some divorces are amiable, but many involve arguments and struggle. 

With feelings so easy to hurt, people get angry or upset. When in that emotional state, it is easier to make decisions you would not while in your right mind. Today we will look at one of these potential mistakes: hiding assets. 

Why do people hide assets? 

Forbes looks at some consequences for hiding assets during a divorce. First of all, why do people hide assets to begin with? In short, there are many reasons. Some may feel they need to for their own financial security. For many, the motivations are emotional. They do not want to give their ex-spouse anything when hurt. 

But you should know something about financial affidavits. You sign one at the start of the divorce process. By signing this, you state that your report is accurate as possible. If you lie or leave out information intentionally, you are lying to the court. In other words, you are committing perjury. 

How is perjury punished? 

Different areas treat crimes of perjury in different ways. For example, some states may ask you to pay a fine. Others actually enforce time in jail. It is also up to the judge of your court to decide what to do with you if they determine you lied about assets. 

In the end, people who try to save money by hiding assets almost always end up losing more. It is not worth the temporary satisfaction you may feel to deprive a spouse of money. It is also not worth the potential rise in costs.