Contact

While normally associated with the rich and famous, hiding assets in a divorce is a game that is played by couples at almost every economic level.  As soon as divorce papers are served, it is not uncommon for one or both spouses to quickly squirrel away assets into private accounts.  As a Colorado Springs divorce attorney, I’ve seen husbands and wives try every trick in the book.  Whether it is an interest-free loan to a love interest, or a shuffling of investment portfolios, the race to lay claim to a larger share of marital property is a widespread phenomenon; but it is important to discover this before a property settlement is signed.

In addition to hiding marital assets, Colorado Springs divorcing couples often stop paying mortgages, fraudulently misuse their children’s trust funds, and intentionally sabotage family businesses.  There is no limit to the financial games that divorcing couples will play to keep their soon-to-be-ex-spouse from financial gain.

Legally, these actions are known as “dissipation of marital assets” and 22 pages of “The Equitable Distribution of Property” are devoted to the law’s provisions for this offense.   Some Colorado Springs divorce attorneys estimate that asset-hiding tricks are carried out in at least half of all divorces.  If you suspect your spouse is hiding assets, misusing marital property or intentionally squandering joint accounts, a forensic accountant may need to spend years conducting legal discovery. This type of investigation requires intense scrutiny of all tax records, credit card bills, bank statements, investment transactions and business accounting ledgers.  See my previous related posts: Financial Checklist for Legal Separation or How to Maintain Financial Stability in a Divorce.

If you suspect your spouse is guilty of hiding assets or another form of asset dissipation, don’t sign a property settlement until you speak with a Colorado Springs divorce lawyer.  A qualified attorney can start the discovery process and help you recover your fair share of the marital property. 

Patricia Marrison is a Family Law attorney in Colorado Springs, CO. and the owner of the Marrison Family Law LLC, Colorado Springs largest Family Law practice.  The Marrison Family Law LLC is devoted to assisting with the difficulties of the breakup of relationships, be it common law marriage, a non-marriage with children, or dissolution with or without children. We attempt to serve the entire spectrum of relationships, from those couples with the simplest, uncontested dissolution to the highly conflicted relationship involving allegations of domestic abuse.