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Complications related to hidden assets in your divorce

On Behalf of | Oct 20, 2020 | Divorce

One of the most important aspects of securing a fair settlement in your divorce is a full financial disclosure from both parties. In order to equitably divide marital assets and ensure one party does not end up with an unfair amount of debt, both sides have to be up front about their assets, income and liabilities. Unfortunately, your soon-to-be ex-spouse may not want to cooperate with this requirement.

In some divorces, one party may attempt to hide assets in order to prevent the other spouse from getting his or her fair share of marital property. If you suspect this is happening to you, it is crucial to take steps to fight back and protect your long-term interests. You have the right to pursue a final order that allows you stability and security well into the future.

Where should you look?

There are many ways to hide assets, but that does not mean your situation is hopeless. Of all of the possible ways to keep a spouse from knowing about assets, the most common is to hide cash. It is often impossible to track and find cash, but there are other ways that one can deceive his or her spouse regarding marital assets. Some of the most common of these include:

  • Opening new bank accounts
  • Giving assets to someone else to hold until the divorce is final
  • Opening new online accounts and redirecting assets there
  • Selling assets for cash and not disclosing the profit

If you think this is happening, you can still take control of the situation. First, you will want to gather all of your pertinent financial documents. Carefully review your finances and accounts to determine what may be missing. With the help of your attorney, you may also need to subpoena the spouse to compel him or her to be honest about financial information. If that does not work, a deposition may be necessary to get the answers you need.

Help for a financially complex divorce

When your financial future is on the line, working with a Colorado divorce attorney who can help you navigate the challenges ahead could prove crucial. This is especially important if you suspect hidden assets or believe your spouse is intentionally trying to keep you from your fair share of marital assets. With the right help, you can fight for the financial future you deserve.