On occasion, one partner may try to hide assets from the other. Perhaps one spouse has business interests or overseas assets that the other person doesn't know about. In this scenario, the assets may never be mentioned and cause a major issue if found.
Asset disclosure laws are important for the fair division of assets.
If one spouse doesn't disclose their assets, this can lead to a few key issues:
The judge may demand that the opposing spouse's fees and fines be paid by the spouse who knowingly concealed assets.
Claims from the misleading party may be seen as less viable and credible.
In some rare cases, hiding assets may end in jail time for contempt of Court. Intentionally misleading the Court or failing to disclose assets is never in your best interest.