Full Disclosure of Assets and Income
Ohio courts require the full disclosure of assets, liabilities, and income when people terminate their marriage. Spouses in Ohio divorce, dissolution, or legal separation cases are required to provide two financial affidavits, one for property and debt and the other for income and expenses. All the requested information must be provided, and these affidavits are sworn statements under oath.
Some people, however, seek ways to hide assets. Some common tactics include giving money to someone else to hold during the divorce, destroying property, holding unconventional assets such as digital currency, and even utilizing offshore bank accounts.
Penalties For Hiding Assets
Hiding assets during a divorce can result in serious penalties, up to three times the value of the undisclosed asset. Also, a person hiding assets may well be ordered to pay attorney and expert fees to the other spouse. The spouse who did not hide anything could also receive a larger portion of the overall assets instead of only 50% of them.
Anyone tempted to hide assets during a divorce should think twice about their actions, as the consequences far outweigh the apparent benefits.
Call An Attorney If You Suspect Something
Do you suspect that your spouse is hiding assets in your divorce? If so, do not delay in reaching out to an experienced attorney to help you figure out the truth and to determine your next steps.
At Friedman & Mirman Co., L.P.A. we are committed to helping you walk away with what you deserve. To talk with a member of our Columbus family law team, call us today at (614) 412-3943 or fill out our contact form online.