Most people in Colorado are familiar with the concept of asset division during a divorce. Once it is determined which assets are separate property and which are marital, the assets are then divided according to whatever is most fair. Unfortunately, in a high asset divorce, the chance of one spouse attempting to hide assets is not uncommon.
If a divorce is anticipated, one party may be able to effectively stash away assets of significant value. In some instances, one spouse may choose to transfer a title to a trust or even to another individual in an attempt to keep certain assets out of the division process. In some cases, a spouse may even attempt to manipulate the valuation of assets.
So is all lost if one spouse tries to keep some assets in secret? There are actually several options for uncovering lost assets. Utilizing certain professionals to carefully comb through paperwork in a search for red flags is just one common approach for ensuring that every important asset is unearthed before agreeing to a fair and equitable division of property.
While this approach to discovering hidden assets is typically quite effective for divorcing couples in Colorado, a high asset divorce can mean that there is a lot on the line if anything remains hidden. If one party believes that there are still some things that his or her soon-to-be ex-spouse is keeping private, he or she can choose to handle the disagreement in court with the help of a judge. However, upon entering court, the final decision concerning how assets are divided is taken out of the hands of the couple and instead placed into the hands of the judge.
Source: Forbes, "Ex Marks The Spot -- The Search For Hidden Assets In A Billionaire Divorce", Russ Alan Prince, Feb. 17, 2015