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Lack of financial disclosure in divorce could mean hidden assets

On Behalf of | Mar 7, 2019 | High Asset Divorce |

In Colorado, when a couple is divorcing, finances are a key issue and often end up in dispute. This is true whether it is a high asset divorce or not.

For many, the trust in the relationship has eroded to the degree that each side believes the other might be engaging in financial sleight of hand and is trying to hide accounts and assets. When this is a concern, it is important to have legal advice to assess the financial circumstances and locate the money, wherever it may be.

In some cases, it may turn out that hidden assets are really just items one or both spouses did not account for thoroughly. In such cases, having the books open to accurately account for all the money and assets may be enough.

In other cases, however, there is clear evidence of hiding assets. While a basic accounting may serve to discover this money, that is not always the case. It is therefore important to have expert help.

For some divorces, a forensic accounting is necessary to analyze how much money is supposed to be in certain locations and where it really is. Perhaps there is a business that one of the spouses owns and both parties took part in operating it. If one of the spouses was overseeing the finances, it is within reason to think that some money might have been moved so it will not be part of property division during the case.

Financial issues are one of the main things that leads to divorce, so when there are disagreements and fear that a spouse could be trying to avoid sharing assets that should legally be marital property, it is wise to have legal assistance and expertise to comb through the couple’s finances.