If you are getting divorced in South Africa, and your marriage is out of community of property with the application of the accrual system, disclosing your assets is a crucial legal requirement. This is a mandatory step that ensures that the process is fair, just, and in accordance with South African law. Failing to disclose or hiding assets can lead to serious legal consequences.
During divorce proceedings, both parties are required to provide full details of their respective estates. This is so that the accrual values can be accurately determined, and assets can be fairly divided. If you or your spouse attempts to hide assets, you are breaching this legal requirement. In South Africa, hiding assets in a divorce is not just unethical; it’s against the law. Severe penalties may be imposed if a court finds that assets have been hidden intentionally.
If assets are concealed, the aggrieved party has the right to seek legal remedies. South African courts take a stern view of this kind of misconduct. Fines or even imprisonment could be the result of attempting to deceive the court and your spouse about the full value of your assets.
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