FAQ: Is My Spouse Hiding Assets?
In Colorado, divorcing spouses are legally entitled to a fair and equitable division of marital property. Marital property includes all assets acquired during the marriage, including financial accounts, income, retirement benefits and contributions, and long-term investments. Unfortunately, some spouses are not above hiding assets in an effort to skew the divorce settlement in their favor and deprive you of your legally entitled property.
The good news is, that what happens in the dark is usually brought to light. Even the most cunning individuals can’t cover their tracks completely. If your marriage is particularly acrimonious, you should be on high alert for anything that seems amiss. Here are a few telltale signs that your spouse may be hiding assets from you.
If so, this is a major red flag. If your spouse has total control over your financial accounts’ information and has taken steps to block your access to that information, it could be a sign they are hiding assets from you.
Oftentimes a spouse will lie about a salary decrease so they can set aside money without having to lose it to you in the divorce. Pay attention to any income decreases that are not accompanied by reduced expenses.
It isn’t difficult to set up direct deposits into multiple accounts. So if your spouse is suddenly depositing smaller paychecks into your joint account, they are likely diverting the rest of the money elsewhere.
If you receive a bonus during your divorce that is for work completed before the divorce was filed, it will likely be considered a marital asset and therefore subject to property division. If your spouse defers a bonus or promotion at work, that’s often a sign he or she is hiding assets.
Most likely, yes. If your spouse has never expressed even the slightest interest in fine art, but suddenly there’s a Monet painting hanging in his or her living room, this should set off alarm bells. Your spouse could be waiting until after the divorce settlement to sell these expensive items so he or she doesn’t have to share the proceeds with you.
You absolutely should not. If your spouse asks for your signature on a financial document, read it thoroughly. You could be signing away valuable assets. If you don’t understand what the document says, take it to a lawyer for their review.