Although it is not par for the course, some people get incredibly creative in the art of hiding assets in a divorce. Colorado spouses might be smart to be suspicious, and get help to make sure they receive their fair shares when it comes to property division. The opportunities to hide assets are endless, especially if one spouse has a business. The first place to look might be his or her office for artwork and antique furniture acquired with marital cash and then under-reported.
He or she can arrange for raises, bonuses and stock option payments to be delayed until after the divorce, and the same can happen with long-term business contracts. If the business involves cash transactions, it could be pocketed without anybody's knowledge and go unreported. A nonexistent employee can be created whose wage checks can be voided after the divorce, or checks can be made out to friends and family for fake products or services.
Bonds without interest may also go unnoticed. If the spouse invests in municipal or some type of savings bonds, there will be no record on tax returns, and the other spouse may be none the wiser. Some investigation might also be necessary if that spouse was having an affair. Money that belongs to both spouses could have been used for gifts, jewelry, rent, travel and even college tuition for a secret lover.
When high assets are involved, a divorce can get exceptionally complicated and hard to navigate without the help of an experienced Colorado divorce attorney. Not only can a lawyer provide valuable support, advice and guidance throughout the property division and other proceedings, but he or she may have additional resources. These could include financial, tax and real estate advisors, along with a forensic accountant who can search for hidden assets.
Source: wife.org, "Where to Search for Hidden Assets During Divorce", Candace Bahr, Ginita Wall, Accessed on Nov. 16, 2017