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Hiding money and assets during divorce leads to jail time for man

A man has just been sentenced to prison for his actions as his divorce unfolded. The man was convicted for hiding money and assets outside of the country after filing for divorce. In Missouri, courts pay careful attention to how assets are dealt with, and there are very specific laws as to what property is to be split. Just as in this case, hiding of assets during a divorce can lead to serious consequences.

The 67-year-old man in this case has been sentenced to serve four years in prison. The actions are being reported as a means of defrauding his wife of the funds and assets. The man has apparently lied in court proceedings for four years. Despite the circumstances, his wife supported him in court and stepped forward to say she is not a victim of his actions.

According to the reports, he filed for divorce in 2007 and then went to Central America. He opened a bank account and deposited $350,000 in cash and 1,000 ounces of gold. He then created a false corporation and deposited $4.6 million into an account for that false business. He claims he was unable to convert that particular investment into cash for some time.

When a divorce is filed in Missouri, marital funds and assets are often evaluated and assigned a monetary value before assets are to be split. If there is suspicion of assets or funds being hidden or purposely left out of a settlement, outside experts such as forensic accountants can work to find those assets. The hiding of assets can derail and prolong the divorce process for all parties or lead to criminal action, as was the case for this man who hid money and assets out of the country.

Source: adn.com, "Anchorage surgeon gets 4 years for hiding millions from divorce court", Jerzy Shedlock, April 4, 2016

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