Do Family Law Settlements Allow You To Hide Assets Before a Divorce?

Family Law In Lanarkshire

One of the most common practices during divorce or separation cases is to hide assets to manipulate financial settlements. This is why appointing a lawyer becomes more essential to claim your rights and preparing fair agreements before parting ways.

Sometimes, the paying party face many consequences due to ignoring steps necessary for divorce asset protection. This blog covers why the majority of clients depend on family law in Lanarkshire for fairly dividing divorce wealth.

Those who don’t know the penalties or legal implications for asset hiding practices, don’t skip a single line.

Can You Keep Certain Portions or All Assets Hidden in Divorce?

If you want to hide property, savings, or valuable assets from the courtroom during divorce proceedings, it is not legal. As per the family law, it requires you to completely disclose your possessions and financial status.

There are cases, where providing false information on current wealth leads to imprisonment and considerable fines. Any such attempt to conceal income analysis can attract criminal penalties if you are doing it intentionally.

Besides, when it comes to settling finances for a divorce, family law instructs revealing details on assets you own. So, whether you try to keep the entire wealth or a portion of it hidden, both practices are illegal. Hence, discuss your divorce settlements with a trustworthy family lawyer for clarity on what to include or not.

Should You Transfer Money to your Spouse Outside Divorce Settlement?

Even if you feel tempted to pay off certain money to your spouse before divorce, don’t make this mistake. If partners are not loyal or preparing strategies to acquire wealth, chances are high that they will deny such payments.

Remember, anything you are planning to give to your ex-partner should involve attorneys for the right law practice or implementation. Hence, convey to the court details of financial transactions between you and the spouse for maintaining official records, if any.

Furthermore, once you settle all payments with your ex-spouse following legal proceedings, don’t forget to collect a financial consent order. This is the document that releases you from all financial ties with your husband or wife after the divorce.

Categories of Assets Spouses Mostly Hide Before Divorces

The following points cover some ways your spouse might try to keep assets a secret before the divorce agreement. So, if you don’t know whether your wife or husband is hiding assets via fraudulent practices, keep scrolling down.

Significant Withdrawals

Keep an eye on the transactions from individual or joint bank accounts. Your ex-wife or husband might try to withdraw a certain amount to pay less for the divorce settlement.

Unusual Spending

If your former partner indulges in abnormal spending habits that he or she never did before, it is a sign. To keep significant wealth off the records, spouses often invest hastily.

Cryptocurrency

Due to digital evolution, you can store money in the form of cryptocurrencies, which is emerging as a global trend. So, your ex-spouse might have some investments towards Bitcoin to hide details from solicitors and the court.

Property Transfer

Spouses may sell or transfer their properties to relatives or close friends right before divorce wealth settlements. You can mention such estate arrangements or dealings with your family law attorney to know the steps to claim them.

Fake Debts

Your former husband or wife can transfer some money to friends, family members or acquaintances pretending to pay back debts. If you get to know about these debts shortly before or during divorce proceedings, it’s time to take legal action.

So, find a reliable attorney covering all areas of family law and help you discover your spouse’s hidden assets.

Secret Accounts

Sometimes, spouses create additional bank accounts to shift money under different names. Hence, you can appeal for litigation misconduct in the family court after discussing the matter with your lawyer.

Expensive Jewellery

Your former partner might purchase costly antiques or ornaments and mention them as gifts from someone else. To find out the right sources for all forms of assets, approaching family law attorneys is the best option.

How Family Law Services are Applicable to Recover Hidden Assets?

Professional solicitors know which kinds of assets spouses are likely to hide and their potential locations. After doing extensive research on the financial background of both parties, they extract the money, hidden properties or belongings successfully.

By issuing non-party disclosure orders, search and seizure orders, or through account freezing, attorneys can recover wealth from the spouse.

Besides, there are strict legal proceedings for the parties not willing to disclose their assets and finances before the court. So, find trustworthy lawyers having good knowledge of hidden assets and strategies to uncover them before the divorce.

If you are the victim of a fraudulent marriage and your spouse eyeing your property, family law can help out. In such cases, family attorneys evaluate the financial position of both partners and appeal to the court for correct judgment.

To Conclude

Hence, family law doesn’t permit keeping assets hidden to pay less for divorce settlements. No matter the situation between you and your former spouse, hiding income or property details can attract penalties.

Hopefully, reading this blog provided you with some clarity on the right way to resolve financial matters with an ex-spouse. To claim the money in case your partner lies about finances, consult with a lawyer that specialises in family law in Lanarkshire.