Most people dream of meeting their soul mates and getting married. When this dream comes true, the last thing they look forward to is falling out with one another and getting divorced. Unfortunately, some marriages end this way. And when this happens, one of the things the divorcing couple has to deal with is property division according to Maryland marital property laws.
It is not uncommon for one or both parties to be dissatisfied with the existing property division arrangement. Consequently, some people in this situation get tempted to hide marital assets from the eyes of the court and their soon-to-be-exes. It is important to understand that hiding marital assets can land you in serious trouble with the law.
Here are some of the reasons why you should avoid the temptation to hide marital assets during your Maryland divorce process.
Hiding marital assets will hurt your case
The divorce court takes the subject of equitable property division quite seriously. This is why the law requires both parties to make a complete disclosure of their assets. This is important when litigating alimony, child support as well as property division matters. Lying about certain assets can impact how these matters will be litigated. Should the court learn about this, then it may rule against you when making the final judgment. In fact, you might end up losing the asset you were trying to hide from your spouse.
You could also be prosecuted
While preparing for the divorce, you will be required to make disclosures to the court as part of the testimony and filings. By filing these documents with the court, you are agreeing to be honest. Failing to disclose certain assets could amount to perjury. As such, the court will hold you in contempt and you could face perjury charges. If convicted, you might be fined or jailed.
There is no doubt that divorce is a complicated and emotional undertaking. During those tumultuous times, it is important that you take appropriate steps to safeguard your rights and interests.