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Uncover SIDS before it hits your divorce

| Oct 24, 2013 | Divorce |

Marriage can turn rocky, and, when the situation goes out of control, divorce may ensue. When divorce is already in the picture, it is more likely that property division becomes one of the top priorities. The spouses may feel threatened, and each spouse may either ensure that the assets will be distributed fairly or ensure that they are not.

In Wheat Ridge, Colorado, divorce battles between couples can stem from unfair distribution of marital property. An article, which appeared in Forbes, states that once the couple divorces, the focus of the spouses shift from the fate of their marriage to their individual financial future. As the divorce process progresses, a spouse may not disclose all assets that should be divided among the couple.

For example, a spouse may own a business, which can be affected by divorce. One spouse may lead the other spouse to believe that the business is not productive or is operating at a loss, which may be a scheme to protect the business from an equitable division. Changes in lifestyle may also be seen in one spouse, including hiding his or her lavish lifestyle, while he or she is still married. Additionally, a spouse may refuse a business valuation or deny sharing financial documents.

Experts have a name for such behavioral changes: Sudden Income Deficit Syndrome, or SIDS. SIDS sometimes happens in divorce cases where a spouse does not want to pay a fair settlement during the distribution of assets. It can be difficult to prove if a spouse is hiding assets or is lying to protect any marital assets from distribution. Although a discrepancy in lifestyle can prove that the other spouse is underreporting his or her financial situation, experts can be of significant help to a divorcing spouse.

Divorce is a significant turning point in a person’s life. Not revealing everything can leave a spouse with an uneven amount of marital assets, which is not fair. However, it is impingent on both spouses to ensure they are getting their fair share.

Source: Forbes, “If Your Husband Owns A Business, Watch Out For SIDS (Sudden Income Deficit Syndrome) Once Divorce Proceedings Start,” Jeff Landers, Oct. 10, 2013

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