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Warning signs that a spouse is hiding assets

Warning signs that a spouse is hiding assets

 

To divide property between two people getting a divorce, Colorado courts honor a policy of equitable distribution. The courts will take all evidence of marital property into consideration. This can be a complex process in a high asset divorce. Suspicious behavior before a couple has decided to divorce can indicate that a spouse is hiding assets in an effort to deny the other person a fair share of the marital finances. 

 

A judge will ultimately decide what constitutes a fair division of property in a divorce. Marital property is defined as that which is bought and received during marriage. Forbes offers a list of red flags to watch for if one spouse believes the other is taking action to diminish divisible assets. They include:

 

  •        An insistence on total control of bank accounts and passwords
  •        Separate or excessive email accounts or a private P.O. box
  •        Deletion of a personal financial software from shared computers
  •        Reporting sudden business losses with no decrease in expenses
  •        Unusually large purchases such as fine art or a luxury vehicle

 

It is essential that a wary spouse have an understanding of household finances. It is particularly important to avoid signing any documents until there is an understanding of their purpose, especially if there is extreme pressure to do so.

 

Colorado state statute 14-10-113 outlines when and how the courts decide to divide assets at the end of a marriage. A concerned spouse should know that sharp depletions in value of even those assets designated as separate property may affect a truly equitable distribution of property.

 

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