When couples in Colorado get divorced, one spouse may try to conceal assets from the other person. One way to do this is to hide portions of one’s income, such as bonuses, commissions and dividends. For example, a person may receive a year-end bonus but ask an employer to hold on to it until the divorce is final, so it is not included in marital assets. This might be detected if the individual’s spouse knows when the bonus is paid and notices that it is not included in the list of assets for the year.
There are other ways for spouses to hide assets to be on the lookout for as well. For example, a person might make a large withdrawal and claim that it was to pay a credit card bill or the IRS. What may actually be happening is that the individual is overpaying the creditor, but the money will not be refunded until after the divorce. Someone who suddenly takes an interest in collectibles, such as antiques or art, could be purchasing valuable items and claiming they are worthless.
Missing account statements, closed accounts or unexplained money coming out of accounts could also indicate an effort to hide assets. Some people might try to use cryptocurrencies, but there may still be signs of activity, including transfers from accounts to PayPal or trading sites.
Even when a spouse isn’t hiding assets, the process of property division can be difficult. However, couples may still prefer negotiating an agreement about the division of property over going to court since a judge might make a decision with which neither party may be happy. Negotiating can give couples more control over the outcome. If a couple does resort to litigation, and one spouse tries to hide property, this could lead to the judge favoring the other person in the final decision.