Possible Sanctions for Concealing Assets in a New Jersey Marriage Dissolution Case

Parties to a New Jersey marriage dissolution case have a specific legal obligation to fully and honestly make a full disclosure of assets. The requirement to disclose assets in this manner occurs at the very beginning of divorce proceedings. The obligation remains in place during the entire course of New Jersey divorce proceedings. Concealing assets in a divorce case in the Garden State can have very serious consequences for the offending party. These sanctions can range from a monetary penalty to contempt of court charges to loss of certain property rights.

A party may face a monetary sanction as a punishment for concealing assets during New Jersey marriage dissolution proceedings. The amount of the sanction will depend on the severity of the concealment and other circumstances, such as the value of the assets in question. The monetary sanction may be in addition to any other penalties or fees that the party incurs during the divorce process.

If a party fails to comply with court orders to disclose all assets in a New Jersey divorce case, that person may face contempt of court charges. Contempt of court charges are serious and can have long-lasting effects on a person's life, so it's important to take court orders seriously and comply with them fully.

A party who conceals assets during a divorce may be subject to the loss of property rights. This could mean that they lose the right to own certain assets altogether, or that they have to forfeit a portion of their ownership interest in those assets. For example, if a party conceals assets such as a house or a car during a divorce, they may lose their right to own those assets in the resolution of a New Jersey marriage dissolution case.

If a party conceals assets during a divorce and is found to owe money to their spouse as a result, their wages may be garnished to pay off the debt. This can be a significant financial burden, as a portion of their income will be diverted to pay off the debt. In some cases, the garnishment may continue for an extended period of time, depending on the amount owed and the party's ability to pay.

In some rare cases, a party who conceals assets during a divorce may face criminal charges for fraud or perjury. These charges can carry serious consequences, including fines and imprisonment. Fraud and perjury are criminal offenses that can result in a permanent criminal record, which can have lasting consequences for the party's personal and professional life.

Finally, a party who is found to have concealed assets during a divorce may face jail time as a punishment. This is often reserved for more serious cases where the concealment was particularly egregious or had a significant impact on the outcome of the divorce. Jail time can arise out of contempt proceedings.

It is important to keep in mind that the consequences for concealing assets during a New Jersey marriage dissolution case can vary depending on the specific circumstances of the case. For example, if the concealment was unintentional, the consequences may be less severe than if it was intentional. Additionally, if the party who concealed the assets comes forward and discloses the information voluntarily, they may be able to avoid some of the more severe consequences.

In any case, it is always best to be honest and forthcoming about all assets during a divorce proceeding. This can help to ensure that the process is fair and equitable for both parties involved. An experienced family law attorney can help you navigate the complexities of a divorce and ensure that your rights and interests are protected throughout the process.

It is important to note that concealing assets during a divorce is not only unethical, but it is also illegal. New Jersey law requires both parties to a divorce to provide a full disclosure of their assets and debts. Failure to do so can result in significant legal and financial consequences, as discussed in this article. If you have any questions concerning a divorce in New Jersey, call (201) 845-7400 for a free consultation.