Can an Illinois Judge Punish a Spouse Who Hides Assets During Divorce?

 Posted on August 12, 2022 in Divorce

While divorce is never pleasant, most divorces are able to proceed without extensive conflict between spouses. A couple’s assets are divided fairly, using mediation or collaborative divorce if necessary, and both spouses go on to live their separate lives. In some cases, however, a spouse will try to get the upper hand by deceiving their spouse and the court about the true value, location, or nature of their assets.

To the spouse on the receiving end of this behavior, it can feel deeply unfair and frustrating. And without knowing how to access better information about the assets, it can be difficult to bring the dishonest to a judge’s attention. Fortunately, a spouse who gets caught hiding assets during divorce can face serious consequences. An experienced divorce attorney can help you bring asset hiding to a judge’s attention, as well as search for hidden assets with the help of appropriate professionals.

Hiding Assets During Divorce Has Legal Consequences

One method that can scare a dishonest spouse into telling the truth is by calling them into a deposition, during which they are placed under oath and questioned. Dishonesty in a deposition can result in charges of contempt of court or perjury, which are both crimes that can carry separate criminal trials.

A conviction for perjury can result in up to five years in prison and fines up to $25,000. A conviction for contempt of court can result in 180 days in prison and $500 in fines. Knowing these consequences, and faced with the likelihood of getting caught anyway, spouses will often admit the truth about their asset portfolio.

Furthermore, judges do not look kindly upon those who try to hide assets from their spouse and the court during a divorce. One way they may punish the dishonest spouse is by changing the asset division and depriving the spouse of the assets he or she tried to hide. That spouse also risks losing credibility in further divorce negotiations.

Schedule a Consultation with an Arlington Heights Divorce Lawyer

If you are getting a divorce and believe your spouse may try to hide assets, this is a serious matter that needs to be addressed as soon as possible. Get help with asset division and any other part of your divorce from the experienced team of Arlington Heights divorce attorneys with A. Traub & Associates. Collectively, we have decades of experience with even the most complex divorces and will work hard to ensure you get a fair divorce settlement. Call us at 847-749-4182 to schedule a private, comprehensive consultation.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6200000&SeqEnd=8675000