How Colorado spouses can handle concealed assets during divorce

On Behalf of | Aug 19, 2014 | High Asset Divorce

When couples decide to divorce, they probably are aware that most proceedings involve a division of assets and property. Some of them might attempt to hide certain assets in the hopes that they will not have to share them with their former partner. Colorado residents who think that their ex is attempting to keep certain assets a secret have options for handling this situation and ensuring that divorce mediation includes a fair division of both money, property and other types of assets.

One of the advantages of our modern world is that most financial records are available in electronic form and are very difficult — if not impossible — to alter. Even a home computer or smartphone can give ideas about where a spouse might be concealing money. There are professionals that can help with these sorts of investigative measures and make use of technology to uncover the truth. Some privacy laws might govern this sort of research, and spouses will have to consider them when looking for answers.

Some spouses are still able to hide assets, particularly if one of them is more financially well off than the other spouse. However, many spouses are still able to find evidence of hidden wealth through tax returns, social media accounts, bank statements and other means. The Internet is often a treasure-trove of easily accessible information. Some evidence gleaned in this manner may be admissible evidence in divorce proceedings, but spouses will likely need assistance in this area.

The best course of action that divorcing Colorado spouses can follow is to try to be open and honest with one another. A fair resolution doesn’t always mean that assets and property will be split down the middle, so disclosing everything of value that each spouse owns will help to ensure as favorable an outcome for everyone involved as possible. The important thing is for each person to have their needs met during divorce mediation so that everyone can move forward with their lives.

Source: The Huffington Post, “Uncovering Hidden Assets in Divorce Litigation“, David Centeno, Aug. 15, 2014