Asset Concealment in North Dakota Divorces
In North Dakota, the law requires both spouses to disclose all their assets and debts during a divorce proceeding. This is to ensure an equitable distribution of marital property and debts. However, if a spouse hides assets during the divorce, there are legal consequences and remedies available.
Legal Obligations for Asset Disclosure
According to North Dakota Century Code 14-05-24, when a divorce is granted, the court shall make an equitable distribution of the property and debts of the parties. This requires full disclosure of all assets and debts by both parties. If a spouse disposes of, sells, encumbers, or otherwise dissipates assets during the interim period, that spouse shall provide to the other spouse an accounting within 30 days (Rule 8.4 of the North Dakota Rules of Court).
Consequences of Hiding Assets
If a spouse violates these provisions, they may be held in contempt of court. Contempt of court is a serious offense that can result in fines, penalties, or even jail time. Furthermore, a violation of the protection provision of the order is subject to the penalties established in section 14 -07.1-06 and the arrest procedures authorized in section 14 -07.1-11.
Remedies for Asset Concealment
The court has the power to redistribute property and debts in a post-judgment proceeding if a party has failed to disclose property and debts as required by rules adopted by the supreme court or if the party fails to comply with the terms of a court order distributing property and debts (North Dakota Century Code 14-05-25.1).
If there is a substantial change in value of an asset or debt between the date of valuation and the date of trial, the court may adjust the valuation of that asset or debt as necessary to effect an equitable distribution (North Dakota Century Code 14-05-24).
Legal Assistance
If you suspect your spouse is hiding assets during a divorce, it is crucial to seek legal counsel. An experienced divorce attorney can help uncover hidden assets and ensure that you receive a fair and equitable distribution of marital property. They can also guide you through the process of filing a contempt of court action if necessary.
In conclusion, hiding assets during a divorce is a violation of North Dakota law and court rules. It can lead to serious legal consequences, including contempt of court charges and penalties. If you suspect your spouse is hiding assets, seek legal counsel to protect your rights and ensure a fair distribution of marital property.