Penalty for Hiding Assets in Divorce UK
May 2022
Our divorce lawyers have specialist experience in helping couples to navigate the complexities of divorce, including negotiating financial settlements to secure a fair split of any assets.
There are penalties for hiding assets in a divorce and both parties should fully disclose all of their assets and financial circumstances to each other.
It is important to fairly divide and share assets in a divorce financial settlement, including savings, pensions, houses, investments and debts.
Any attempts to transfer, hide or dispose of money and assets are likely to result in penalties by the court.
Our divorce lawyers will work with you to understand your financial disclosure concerns and offer practical advice, guidance and support tailored to your needs.
Initial Discussion
For an initial discussion and a no-obligation quote, get in touch with us today by simply calling us on 01234 343134 or email us at enquiries@fullersfamilylaw.com and a member of our team will get back to you.
Divorce Settlements
One of the biggest worries separating couples may have when they divorce is how to divide their assets and protect their finances.
A divorce settlement is an agreement between you and your spouse that divides your money, assets and property. If you cannot reach an agreement, you or your ex-partner could apply to court for a financial court order.
Every family situation is different and is carefully assessed by the court, but you may be entitled to:
- Money including a share of savings, investments or business assets
- Property including the transfer of the family home
- Pensions
- Spousal maintenance
A fair settlement should be ordered by the court without prejudice to gender.
Hiding Money in a Divorce
During financial settlement proceedings, both parties are required to make full and frank disclosure of their finances. Hiding money and assets in a divorce goes directly against this obligation.
In negotiations, both parties need to be honest about their financial situation as this increase the chances of reaching an agreed financial settlement. This helps to avoid the cost and delays of having to go to court for a judge to decide how family assets should be divided.
If negotiations end and financial settlement proceedings are started, both parties will be ordered by the court to fully disclose their finances and assets.
What if my Spouse is Hiding Money in a Divorce?
If your spouse is found to be hiding money in divorce financial court proceedings, the court may choose to punish them in several different ways, including ordering them to pay legal costs or, in extreme cases, ordering imprisonment.
If a financial court order has been made and you later discover that your ex-partner hid money, you can ask for the order to be changed so that it is fair to you.
If you believe that your spouse has not been forthcoming with their finances, we always recommend that you seek early legal advice from our team of family lawyers who are experts in divorce and financial proceedings.
Can I Conduct my Own Investigations, if I Believe my Spouse is Hiding Money?
If you believe your spouse is hiding money you should not attempt to investigate yourself as you could find yourself subject to civil and criminal penalties if you break into or hack into their personal property.
The law in this area is extremely complex and if you are in any doubt as to what you are allowed to do by law, you should first ask your solicitor for advice.
How Can Fullers Help?
For an initial discussion and a no-obligation quote, get in touch with us today by simply calling us on 01234 343134, filling in the contact form below, or email us at enquiries@fullersfamilylaw.com and a member of our team will get back to you.
