What happens if a spouse hides assets during a divorce?
It’s been a few years, but I remember reading about how a lady won the California lottery and hid it from her husband and got divorced. It was discovered years later and her now ex-husband went back to court because she hid the winnings and failed to disclose. The judge granted the ex-husband all of the money. The link is here to that case.
When a spouse hides assets during a divorce, it can be considered a form of financial fraud known as "asset dissipation," which is a serious offense. In most jurisdictions, asset dissipation is considered a crime, and can be prosecuted. It is also considered a form of civil fraud, and can be grounds for a civil lawsuit.
When a spouse is found to have hidden assets during a divorce, the court will usually order them to return the assets, or to pay the other spouse an equitable amount as compensation. The court may also order the spouse who hid the assets to pay fines or restitution as a civil penalty.
In some cases, the court may also order the dissipation of the assets to be treated as a form of spousal or child support. In this case, the spouse who hid the assets may be required to pay the other spouse a certain amount of money on a regular basis. This is to ensure that the other spouse is not disadvantaged financially due to the asset dissipation.
Also, if the court finds that the asset dissipation was done with malicious intent, then the spouse who hid the assets may face additional criminal penalties. For example, they may be required to pay a fine, or even serve jail.
If you need legal help with a divorce in Utah, call this lawyer:
Jeremy Eveland
17 North State Street
Lindon UT 84042
(801) 613-1472
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