When Arkansas couples with substantial assets are involved in a high asset divorce, the stakes for the division of the couple’s marital property will naturally be high. Nevertheless, it is important to keep in mind that one must never let greed get the best of them. All assets, income, expenses and debt must be honestly and accurately disclosed in order to arrive at a fair, and legal, divorce settlement.
This is because when the divorcing parties signs a divorce agreement, he or she is stating that the contents of the legal document are true and correct to the best of his or her knowledge.
Financial affidavits will be necessary in most, if not all, high asset divorce proceedings. These legal documents will require that the signer swear under penalty of perjury that the financial information contained in the document is true. This includes providing all pertinent information, even if it is not requested. Consequently, the concealment of marital assets can result in allegations that the documents are false and create issues of contention.
With the help of an experienced attorney, and personal transparency, you should have confidence that the papers you are required to sign are true and legal. With this assistance, you can secure a fair division of your marital assets without the concern that you are hiding anything.
If your soon-to-be ex-spouse does not cooperate, however, he or she may be facing serious consequences. Generally speaking, false statements and omission of material information can lead to contempt of court charges. Such actions can result in substantial fees and penalties, including possible jail time, aside from losing access to his or her otherwise rightful share of the marital property.
Source: Forbes, “What Are the Consequences Of Hiding Assets During Divorce?,” Jeff Landers, Nov. 14, 2012