When you and your spouse decide that getting a divorce is the only way to move forward, you are probably already anticipating many of the issues that could possibly arise and slow down you reaching a settlement. This is definitely the case in situations where the couple has been having issues for quite a while. For instance, if the issues in your marriage have led to your not trusting your spouse anymore, you might be nervous about how the property division proceedings will pan out. Especially seeing as how Colorado is one of nine community property states.
What this means is that the court will not necessarily divide all of your property 50/50. If you have had issues with your spouse hiding things from you in the past, you may be concerned that they may be hiding assets that you should be entitled to. In order to learn more about how you can prevent this from happening, continue reading below.
Get the Facts & Know Your Rights
The key to knowing when there are potentials regarding assets in your divorce is to know what the signs of trouble are. Additionally, you should know how to access immediate support is there is a problem that comes about regarding the shared assets in your marriage. Check out the following tips to know better how to proceed in case you experience something like this.
- The name of the dame when it comes to property division is full disclosure. If the person you are divorcing refuses to provide needed information that regards your assets, purchases, or any other financial matters, it is certainly a reason to worry.
- If you use Pay Pal or another electronic means of transferring funds, it’s important to realize that your spouse might as well. This means that he/she could be transferring money to relatives or friends without your knowledge. This is a good sign that your spouse is giving money to others to hold onto until the divorce is complete and the known assets have been split.
- If your spouse has been known to overpay taxes or credit card debt, this could be a sign of them hiding assets.
- Another way people can hoard money is by overstating business expenses on tax forms. This is not only an obvious sign that your spouse is hiding assets, but it is also considered to be tax fraud.
- If your spouse makes an expensive purchase, be sure that it is valued correctly on the list of property that is going to be divided between the two of you. If your spouse understates how much an item is valued at, they could possibly be trying to hide money. It is possible that he/she will sell the item after the divorce for much more than it was presented as being worth.
While we are certainly not telling you to be paranoid that your spouse is trying to take advantage of you, we also want you to know that people do not always play fair during divorces. Hiding assets is against the law so now that you know, you may want to reiterate that to your spouse for good measure.
What Can You Do About It?
If you think your spouse is trying to prevent you from having access to assets that are rightfully yours, it’s your right to inquire about it. When you ask your spouse, pay attention to how they respond. If they act irritated, defensive or angry, you may want to consider investigating the situation further as it is likely you might be onto something.
If you need the help of a talented and caring attorney to assist you in these matters, contact Loomis and Greene today. Our law office has handled many divorce cases and we know how to help ensure that no assets are being hidden. Call us right now to set up a consultation!