What are the signs that your spouse may be hiding assets?
In some divorce cases, spouses may attempt to hide marital property in order to keep possession of certain items.
When it comes time to divide property in a Colorado divorce case, couples are required to disclose all of their martial assets and property. Since Colorado is an equitable distribution of property state, marital assets are divided according to the discretion of the judge who is appointed over the case, according to the Huffington Post. In some situations, however, one party may decide to hide certain marital assets from the divorce settlement in an attempt to keep ahold of them once the divorce is finalized. Couples should keep their eyes open for certain signs indicating that their spouses may be hiding assets from them. This can help to ensure they get what is rightfully theirs in the final settlement.
Access to financial records
Spouses who have sole access to joint financial investments, such as checking, savings and retirement accounts, may be more likely to disperse the funds without the other spouse’s knowledge. Forbes reported that this can happen in instances where only one spouse has account information, including account numbers, logons and passwords. Spouses may divert funds to another account in which they are the sole beneficiary. When people begin to act in a secretive manner when dealing with financial affairs, or is unwilling to share account information with their spouse, they may be hiding marital funds.
Joint business owners
When couples are joint business owners, one spouse may be responsible for handling the finances for the business. If one wishes to massage the numbers, he or she may be able to move funds to another account. The deceitful spouse may try to report a decrease in sales volume, lack of business, increase in expenses or rise in overhead, then move the money elsewhere.
Transfer of property
In order to keep possession of an item or a piece of property, one spouse may gift it to their close friend or family member with the intention of getting that item back in the future. The friend or family member can hold onto the property until the divorce is finalized and the settlement is approved before they transfer it back to the spouse.
Looking at the options
If you suspect that your spouse may be hiding assets or property from you, you may want to speak to a family attorney regarding your rights and legal options. A Colorado lawyer that has extensive knowledge regarding division of property in a divorce case may be beneficial to you during this emotional time.