In divorce, both parties must receive the assets, support, and assistance they need and deserve. In some circumstances, one party may deliberately hide or relocate assets or funds to avoid subjecting them to divorce proceedings. This practice is fundamentally unfair and leaves one party without the assets and property to which they are legally entitled. This article will discuss the process of hidden asset relocation and how to obtain and locate those assets the other party has hidden.
Colorado law requires that both spouses report all their assets, debts, expenses, and income. The court considers all of these elements when determining issues, including division of assets, spousal support, and child support. If one party fails to disclose the entirety of their debts, expenses, and assets, they may leave the complying party in a position where they receive less than what they are entitled to. In some cases, the failure to report is an oversight and unintentional. However, where the failure to disclose is intentional, the party failing to disclose those assets may be charged with perjury. Perjury charges come with potential fines and jail time, depending on the circumstances and severity of the act.
Colorado Hidden Assets Lawyers
If you’re skeptical that your spouse didn’t disclose all their assets, it’s important you reach out to an experienced family lawyer. Law Offices of Clifton Black, PC has handled many divorce cases where a spouse hid assets. We will work to discover and account for all marital assets, then advocate for the best asset distribution arrangement available to you.
Law Offices of Clifton Black, PC accepts clients throughout the greater Denver metropolitan area including Jefferson County, Douglas County, Adams County, Arapahoe County, Boulder County, and Broomfield County. Call (719) 328-1616 today to arrange your first consultation.
There are many ways to hide assets. This issue becomes even more complicated with the complexity of each party’s estate and holdings. The more diverse and extensive the estate is, the easier it is to hide assets. In those circumstances, an experienced family law attorney will undergo extensive discovery processes to identify the complete disposition of the parties’ assets. Common ways to hide assets in divorce proceedings include:
- Taking out credit cards in their name only
- Inflating expenses and debts and undervaluing income
- Overpaying on taxes
- Real estate
- Disbursing assets and property to family members under the guise of repaying debts
- Lending money to friends or relatives
- Buying large purchases and undervaluing them
- Digital assets, like cryptocurrency
- Maintaining separate banking or brokerage accounts and hiding statements from the other spouse
Concerning real estate, one spouse can purchase properties with loans and easily re-title or give them to a partner or relative. They may also undervalue those properties’ rental revenue by allowing them to go vacant during divorce, where they can report a lower value. With cryptocurrency, it is far easier to hide those assets because no specific account is associated with a centralized financial authority. The transactions are recorded digitally or physically in a “wallet” and are difficult to find unless disclosed by the owner of that wallet. Due to the nature of cryptocurrency, it may be challenging to find those assets if the owner does not disclose them because the transactions are primarily private and handled using algorithms performed by other users rather than a centralized financial system like a bank. An experienced family law attorney can help identify assets like real property and digital currency to ensure they are properly reported.
Discovery is a central component of the divorce process. Discovery is another way of describing the fact-finding process. The court requires each party to provide disclosures and evidence to each other so they may develop their cases. To receive the assets and support necessary, each individual must present and disclose the entirety of their assets, property, and debts. In most cases, each spouse accurately discloses their estate’s disposition and has no issues. However, certain cases and circumstances require additional attention and diligence. One such circumstance is a high net-worth divorce. In many high-net-worth divorces, the parties can own a large number of assets, property, and may have extensive debt. Because of the sheer size of the estate, components may go unreported, both intentionally and unintentionally. Another circumstance is that one party knowingly misrepresented their estate’s disposition to retain more of their assets and property or to receive more of those assets and property from the other party. In either case, each party must perform discovery to receive the assets and support they need. The information obtained in discovery is crucial to divorce determinations. Discovery consists of requests, including admissions, interrogatories, and document production.
Admissions are statements drafted by an attorney and sent to the opposing counsel’s attorney. Admissions are questions written so that they have either a yes or no answer. Admissions assist the process by reducing the number of issues and evidence the court must decide.
Interrogatories are similar to admissions; however, these questions ask for descriptions or statements regarding that question. Your attorney may choose to answer the question, or they may object if the question oversteps legal authority. A judge will resolve the disputes if your attorney objects to admissions or interrogatories.
Document production requests are formal requests to the opposing party to produce documents relating to the issue in court. Concerning divorce, these document requests ask the opposing party for financial statements to help identify the party’s assets. Subpoenas are requests to people or entities not involved in the case but who might have vital information, like a bank.
Colorado Judicial Branch: Forms – Access the official website for the Colorado Judicial Branch to view family law forms and questions related to the divorce process.
Colorado Revised Statutes, Colorado General Assembly – Visit the official website for The Colorado Revised Statutes to view the official laws in the family law area, adopted by the Colorado legislature.
Denver Hidden Assets Lawyers | Denver County, CO
Divorce can already be painful enough without suspicion that assets are being withheld. If you are suspicious that your spouse may be hiding assets from you, it’s vital you call Law Offices of Clifton Black, PC. Our attorneys have extensive experience in family law matters and are capable of uncovering hidden divorce assets.
If you reside in Denver, CO, or Colorado Springs, CO, call (719) 328-1616 to arrange a consultation. We are prepared to take your call.