Property division is a crucial component of divorce. In Colorado, marital property is divided on an equitable basis. This means that the court will divide marital assets in a fair manner.
To do this, the court requires detailed information about the divorcing couple’s financial situation. Sometimes, a spouse may attempt to hide assets to leave them out of divorce proceedings.
What can you do about this?
Recognizing the signs of hidden assets
Undeclared income, bank accounts and properties are all common types of hidden assets. Things to look out for include:
- A sudden decrease in your spouse’s reported income: Most couples are open about income, and a sudden decrease could be a sign of hidden assets.
- Secretive behavior: If your spouse has locked you out of joint bank accounts, they could be hiding assets.
- Large withdrawals: If your spouse has made large and unexplained withdrawals from bank accounts, they could be hiding assets.
If your instincts tell you that something isn’t right, then they are probably right and you should investigate further.
What can you do?
If you suspect assets are being hidden then it’s important to act quickly. Some steps you can take include:
- Gather bank statements, tax returns and other financial documents that you have legal access to.
- Keep a written log of any unusual financial transitions.
- If you have personal accounts, then you may want to protect these by updating passwords and looking out for unauthorized access.
Taking these steps will help provide the court with a clearer picture and protect your interests.
Navigating a divorce can be tricky, particularly when there are numerous assets involved. It can help to have competent legal guidance on your side.
