Study Reveals 1 in 4 Divorcees Admit to Hiding Wealth and Assets from Their Partner

A new study conducted in the UK reveals that one in four individuals admit to hiding assets during their divorce. During the divorce process, both parties are required to make a full financial disclosure of their assets. Hiding assets can land them in hot water with the judge. Failure to make a full disclosure during a legal proceeding is against the law. Yet many divorcees attempt to do so because they don’t want their partners taking their hard-earned money. However, there is a legal way to go about this with a prenuptial or post-nuptial agreement. In this article, we’ll discuss the study, and some options you have for protecting your assets during a divorce (the legal way!)

Analyzing the study 

The study was conducted by Investec Wealth & Investment, a UK company that conducted an independent study of the matter. They surveyed individuals who had been divorced in the past 10 years. Their survey revealed that 1 in 4 admitted to not telling their ex-partner about the full extent of their wealth during the break-up.

The study found that 25% of those who went through divorce in the past 10 years kept some of their assets hidden from their ex-partner. Around 24% of those who admitted hiding assets, admitted hiding assets valued at more than £10,000.

Men were twice as likely to conceal assets than women, according to the study. 33% of men admitted to attempting to hide some assets during their divorce compared to about 15% of women.

The study surveyed 69 people who had gone through a divorce in the past 10 years and found that finances were a major source of disappointment for UK divorcees. Around 36% reported being unhappy with their financial settlement while 17% believed that their ex-partner was also unhappy. More than half, however, (54%) said that they were happy with their divorce settlement while 61% believe their former partner was also satisfied by the settlement.

Failing to disclose wealth during a divorce

A spouse who attempts to hide assets during a divorce is undermining the court process and can face substantial penalties. A spouse may even be charged with contempt of court, fraud, or perjury for making false statements before the court. Attempting to cheat a spouse out of their fair share of the marital estate may also force the court to award a smaller share of the marital estate to the dishonest spouse. In other words, you can be taxed for attempting to hide assets.

Further, a spouse attempting to hide assets would lose all of their credibility with the court during the divorce case. The judge would likely consider the spouse to be unreliable and lean toward favoring the other party when making decisions.

Talk to a Philadelphia Divorce Lawyer Today 

The Law Offices of Lauren H. Kane represent the interests of Philadelphia-area residents during divorce and family law proceedings. Call our Philadelphia family lawyers today to schedule an appointment, and learn more about how we can help.

Source:

ifamagazine.com/research-reveals-one-in-four-divorced-people-admit-to-hiding-wealth-and-assets-from-their-partner-investec-wealth-investment-study/