Divorce Do’s and Dont’s Regarding Financial Issues
Is your spouse employed outside the home? If not, the court generally will allow a considerable amount of time for the training and perhaps education of someone to re-enter the work force. If you are the one who will be paying support for this period, get him or her up and into the work force now unless there’s a very good reason he or she can’t do it. Establish your spouse’s actual earnings now. You’ll save yourself months of grief and expense proving they can earn all or at least a good part of their own needs.
Don’t expect to accomplish the impossible at the last minute in a long marriage. If a woman has given "the best years of her life" to the family by staying home to raise the children, manage the household and the finances, cook and clean and take care of the innumerable chores, she is not to be discarded, in the words of one court, as some "breeding cow" when her husband decides he wants to trade her in.
Should you actually hide assets? Better not, but especially better not get caught. It’s not likely you can avoid making a sworn statement during the divorce proceeding identifying all the assets. Perjure yourself, and you may end up in state prison. You will be the one in the Black Hat every time you go in the courtroom if you try to hide assets and are caught at it. You’ll also pay every dime of your spouse’s attorneys’ fees and costs in uncovering assets you have hidden. The assets could be discovered years later and you’d still be liable.
Hiding income is just as bad as trying to hide property. Most people don’t have a chance to do it anyway because all their income is documented and easily checked. Get caught at it, and you’ll pay all your spouse’s attorneys fees and costs and go to jail. If you have been lying to the IRS, the person who now hates you the most gets a ten percent finder’s fee if he or she turns you in, assuming the whistle blower is innocent.