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Is hiding assets during a divorce legal?

If you are contemplating divorce or starting the process of going through a divorce, it may have occurred to you that there is a lot at stake when it comes to dividing assets. Generally, the more assets that a household has, the more complicated it is to successfully and fairly divide them during a divorce. This is because there is more to lose, and high asset couples tend to be more lucrative in terms of wanting to get a successful outcome for themselves.

Wanting to achieve a lucrative settlement as the outcome of a divorce is understandable, but it is important to know what types of strategies are legal and which are not, both for the purpose of conducting yourself properly, and for keeping your divorcing spouse's behavior in check.

What types of common tricks are illegal during divorce?

In reality, the law is quite simple when it comes to asset disclosure during divorce in the United States. All spouses must, quite simply, be honest. They should honestly and fully disclose all of their assets and sources of income so that they can be adequately be assessed during the divorce process.

Types of illegal practices that are often exercised by divorcing spouses include overstating debts, reporting higher expenses to try to show that his or her net income is lower than in reality, hiding assets and attempting to undervalue marital assets.

If you are contemplating divorce and are concerned about how to create a strong asset division strategy, it is important that you understand how the law works in the state of Pennsylvania. An experienced attorney can answer all of your asset division and divorce questions.

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