Colorado requires that couples report all assets during the divorce process. However, people may try to distort their finances to reduce their alimony or child support obligations or to avoid equitable division of marital property.
These four common signs may indicate that your spouse is hiding assets or otherwise misrepresenting his or her finances.
1. Unexpected expenses
Unexpected large expenses are an indication that your partner is attempting to reduce his or her income or conceal cash from marital property division. They may claim they need to repay loans from family members or friends. You should be wary of any sudden expenditures that are out of character.
2. Restricted access to financial accounts
A spouse that wants to hide assets may try to prevent you from accessing your online accounts. You should check that you can log in to any accounts associated with your marital property.
3. Missing documents
If you suddenly stop receiving bank statements or find that important documents are missing from your files, your spouse may be attempting to disguise his or her financial activity. You should make sure you receive and review copies of all your financial documents.
4. Suspicious business practices
If your partner is a business owner, you should review all business records and look for suspicious payments. In addition, check the business’s tax records for indications of overstated expenses or overpaid taxes.
If you do believe your spouse is misrepresenting his or her financial status, you should begin documenting your suspicions, obtain copies of all financial records and consult your legal counsel about your next steps.