The Facts About Hidden Assets During Divorce
Feb. 15, 2020
When you are faced with the unfortunate task of filing and negotiating a divorce, the judge will divide the assets between you and your partner. It is ill-advised to go into negotiations without the assistance of a Colorado Springs family law attorney, even if you and your spouse are ending the marriage on amicable terms as unforeseen events and disagreements can arise at any time; additionally, your spouse may try to hide assets so that they get a better deal from the judge. Hiring a Colorado Springs family law attorney can protect you from this event.
Hidden assets come in many forms and the party does not disclose them so that they can’t lose them during a divorce. Examples of hidden assets include, but aren’t limited to:
Antiques & artwork
Unreported income on tax returns
Accounts in other people’s names
Despite severe consequences, such as perjury charges, fees, and losing all hidden assets to the other spouse if discovered, people still try to get away with it. When you file for divorce, both parties sign a legal agreement that they have listed all of their income and assets to be divided by the judge; by hiding assets, you do in fact commit perjury.
Spouses will deny the existence of assets, “gift” them to other parties, undervalue them, or lie on their tax returns, stating that their debts are higher than they actually are. Colorado Springs family law attorneys investigate the tax returns, bank statements, and loan requests of your soon-to-be-ex-spouse to see if there are any discrepancies; they will also question friends and family to see if any “gifts,” or large sums of money were given recently.
If you are about to file for divorce or are currently negotiating divorce terms without a Colorado Springs family law attorney, call our offices today so that we can protect your assets and ensure that none are hidden from you. It is painful to see a marriage end, but that doesn’t mean you need additional pain of trying to get back on your feet without the proper (and honest) finances to help you.