Shield Assets During Divorce
Although financial issues are part of many divorces, money troubles don’t usually end when couples choose to dissolve a marriage.
In fact, many individuals are highly tempted to try hide assets from the other party, especially when a significant level of money and investments are at stake. Some actions to shield these resources may be deemed acceptable under an asset protection plan. But people often run afoul of the law, or risk seriously damaging their credibility before a judge who may rule unfavorably when he or she discovers attempts to cover the money trail.
Still, the temptation to do so may be particularly strong when one party owns a cash business. Experts warn that through the process of discovery these secret stashes are often discovered. Legal teams will actively look for unusual indicators, such as title transfers or uncommon transactions. They will also assign value to non-liquid assets.
The value of the family fortune is also likely to be contested, but parties will have to provide testimony under oath about their assets and property. If someone lies about assets to hide them, they will be guilty of perjury or may face severe sanctions including monetary fines.
Failure to report assets — such as information about where accounts are held — can result in the court ordering a person to do so. Refusal means that a person may be held in contempt of court, and face possible jail time. In any event, if a judge deems an asset protection strategy to be inappropriate, it may damage the reputation of that party and harm their case.
What to Know About Uncontested Divorce in Utah
An uncontested divorce is the simplest, most pain-free divorce process available. Essentially, it means that both parties are able to agree on all the major issues in their divorce, including how they will share parental responsibilities, child support and custody arrangements, alimony payments and the division of shared property and debts.
If the parties are able to agree on these important elements, they will be able to file their papers in court without having to make any formal court appearances. Then, once the minimum time period has elapsed, their divorce will be final and legally binding.
The following are a few things to keep in mind about uncontested divorce:
- Couples with minor children have more issues to navigate: If you and your spouse have children, you will need to deal with custody, child support and various other issues. This can make it much more difficult to engage in an uncontested divorce — although it is possible.
- You should still hire an attorney: Even if you expect you and your spouse will agree on all the issues in your divorce, you should still work with a lawyer to make sure you remain completely informed of your rights and obligations. At the very least, a divorce attorney can go over your paperwork and make sure you are getting what you need out of the process.
- It might not be realistic: An uncontested divorce may not be right for your situation, so you should not enter the divorce with the expectation that everything will go smoothly. Even the most cordial divorce cases typically have at least a couple areas of minor conflict that need to be worked out through negotiation.
Free Consultation with Divorce Lawyer
If you have a question about divorce law or if you need to start or defend against a divorce case in Utah call Ascent Law at (801) 676-5506. We will help you.
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506