Wick & Trautwein, LLC
Call Today
Local: 970-237-5694
Toll Free: 866-686-1410

The difference between protecting and hiding assets in a divorce

One of the biggest mistakes people can make when planning for divorce is to develop a strategy based on things they hear from friends or what they saw in a movie instead of advice from an attorney. The wrong actions could leave you very vulnerable in a contentious divorce. Things that you do out of a desire for self-preservation could look different to the courts than they do to you.

Specifically, steps that people often take to protect their assets could often be misconstrued by the courts as an effort to hide those assets. Understanding the difference between these two actions is of critical importance as you head toward divorce.

You need to get records, not individual assets

The single biggest mistake that people make when facing an impending divorce is that they attempt to hide various assets from their ex or the courts as the divorce progresses. People might start stockpiling cash or could move valuable individual assets, such as works of art or pieces of jewelry, out of the family home and into a secure location that their spouse does not know.

Unfortunately, actually moving or hiding physical assets, as well as closing joint accounts or starting a secret account without the consent of your spouse, could get you into more trouble than you might imagine. Your ex could use so-called hidden assets as proof that you want to unlawfully influence the outcome of the asset division process.

The courts absolutely frown on those who try to hide shared assets from the asset division process. Your best option for getting a fair outcome is to focus on securing copies of all of the important financial paperwork from your marriage, including income statements, receipts for major purchases and income tax records. Those documents can build the foundation for a fair asset division process more than hiding or protecting a particular asset.

What you think of is fair and what the courts think of as fair probably aren't the same

If you are the primary wage-earner for your family, you may think that it is unfair or unreasonable to have to split your retirement account or other valuable assets with your ex in the divorce. The truth is, the courts in Colorado will not share the same viewpoint. Trying to hide assets you don't want to split can result in financial penalties in your divorce.

Regardless of who earned more income, the assets and debt you acquired during your marriage are very likely subject to division. That doesn't mean you have no control or say in what happens. Sitting down to talk with an attorney about your priorities in your divorce can help you increase the chances of a positive outcome.

No Comments

Leave a comment
Comment Information
  • Lead Counsel Rated | LC
  • BBB | Accredited Business
  • 10 Best 2017 Attorney | Client Satisfaction | American Institute Of Family Law Attorneys
  • Preeminent AV | LexisNexis Martindale-Hubbell | PeerReviewRated
  • Best's Client Recommended Insurance Attorneys Listed Over 25 Year
  • Expertise Best car accident Attorneys in fort collins 2018

Fort Collins Office
323 South College Avenue #3
Fort Collins, CO 80524

Toll Free: 866-686-1410
Phone: 970-237-5694
Fax: 970-482-8929
Fort Collins Law Office Map

Estes Park Office
513 Big Thompson Ave
Estes Park, CO 80517

Phone: 970-586-3505
Fax: 970-586-3269
Estes Park Law Office Map

Windsor Office
421 Main Street
Windsor, CO 80535

Toll Free: 866-686-1410
Map & Directions

Review Us
Providing You With The Information You Need To
Make The Right Choices For Your Future
EMAIL US FOR A RESPONSE

We Take Your Emails Seriously

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy