Can I Hide a Bank Account During a Divorce?
Attempting to Hide Assets Before Divorce? Can you hide bank accounts in divorce? What Happens if a Spouse Hides His or Her Assets During a Divorce?
Can I Hide a Bank Account During a Divorce? In divorce, you may be asked to or required to disclose assets you own and control under oath subject to the criminal penalties of perjury.
Can I Hide a Bank Account During a Divorce?
Disclosure may be required at the beginning of your divorce or during discovery. Most divorce discovery processes include interrogatories, requests for production of documents, or a deposition. If you are caught omitting a bank account, you may face severe penalties including but not limited to losing credibility with the judge, sanctions (fines), or criminal charges. Often, if the other spouse thinks you may be hiding assets, the other spouse may hire a forensic accountant to help investigate. Forensic accountants are specially trained to find hidden assets and income. Hear Mason’s comments on this question in the video.
Memphis divorce lawyer, Miles Mason, Sr. JD, CPA presents continuing education to the Chattanooga Tax Practitioners. Mason is the author of the best-selling book, The Forensic Accounting Deskbook, published by the ABA Family Law Section. This updated edition of one the ABA’s most popular resources explains the practice of forensic accounting and business valuation and how to apply it in family law cases. It provides a practice-focused introduction to the core financial concepts in divorce, such as asset identification, classification, and valuation, income determination, expenses, and more.
For additional reference:
- Business Valuation in Tennessee Divorce Law
- How Property is Divided in Tennessee Divorce
- Property Division in Tennessee Divorce Answers to FAQs
