Divorce laws in Tennessee allow equitable division of marital property. Spouses with a high net worth and valuable assets may wish not to disclose part of their assets, in order to protect them from being divided in the divorce. However, if that happens, the other spouse will not receive a fair amount of the marital property, which is illegal. According to the National Endowment for Financial Education, more than 30 percent of high net worth individuals in the United States have been deceptive toward their partners when it came to representing the marital assets accurately.
Spouses who have been deceptive about their assets may have hidden cash from one another or may not have informed the other spouse about a purchase that the spouse has made. Hiding a bill or providing false information about finances, income and debt are also not uncommon. However, as stated previously, such acts are illegal and may have serious consequences.