But there’s another big problem when negotiating a divorce settlement – dishonesty. If you’re in the middle of a dispute with your ex and feelings are running high, it’s tempting to conceal or minimise your assets. You might think it’s unfair for your ex to get a share of wealth you’ve worked hard to earn, or you want to protect something you feel is rightfully yours.

Dishonesty during divorce is a big mistake – here’s why

There are two pretty serious reasons why you should avoid concealing or being dishonest about assets during divorce.

It’s illegal

Dishonesty during official divorce proceedings is against the law. It’s your legal duty and responsibility to make a full, honest disclosure of your financial position during divorce. This means no lying by omission either, where one person ‘forgets’ about a savings pot or other asset.

You must be as accurate and frank as you possibly can. Remember that your disclosures will go down on the record, so you could easily get caught out if you’ve been less than honest. It’s a good idea to have evidence of money, assets and property to hand, even though you may never be asked to show it.

If you are found to have lied or be hiding anything, it can lead to serious consequences. The divorce court could issue a fine or a contempt of court ruling. In severe cases, it can even lead to imprisonment.

It can hold up your divorce

Most divorcing couples want the process over and done with as quickly as possible. An omission or concealment when disclosing assets can really hold things up. This is likely to make your divorce drag on for longer, which inevitably means it’ll cost you both more. A drawn-out divorce can also have an impact on your friends, family and of course, your children.

Another reason to be completely honest during your divorce is to maintain at least a civil relationship with your ex. This is especially important if you’ll be co-parenting after you separate. If you deliberately conceal something, this can irrevocably damage the relationship. It can cause more stress and animosity during the divorce process, and have a lasting negative impact beyond it.
Spotting the signs that your ex is hiding assets

Now, what if it’s your former spouse who is concealing something? If you suspect that your ex is being less than honest disclosing their assets, here are some warning signs to watch out for:

•    Unusual spending activity – which could indicate money being transferred out to an undisclosed account
•    Assets transferred to family members shortly before the divorce
•    Delays – if your ex stops participating in the divorce process, it could mean they’re buying time to dispose of assets
•    Changed login details for shared accounts.

Need help totting up your assets? Get in touch with Wirral divorce solicitor Tracey Miller Family Law and we’ll help you get your financial arrangements in order, while guiding you smoothly through the divorce process.