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Colorado man throws away $500k gold during divorce

On Behalf of | Nov 6, 2013 | Family Law |

If divorce is in the picture, a spouse sometimes acts without weighing the consequences of his or her actions. That sort of behavior is of concern to Wheat Ridge, Colorado, divorcing couples. If emotions run high, it can turn out badly, as in the recent case of a Colorado man who is in the midst of a divorce.

The 52-year-old man from Colorado Springs reportedly converted $500,000 of life savings, which was all of the retirement savings that he and his wife had, into gold and allegedly threw the gold in the trash. The sneaky scheme was designed to ensure that his wife would not get any part of the savings in the divorce settlement. He stated that he went into his and his wife’s investment and retirement accounts, converted them into gold bars and coins and tossed them into a trash bin behind a motel. So far, the gold has not been found.

The man is awaiting sentencing after allegedly abusing his wife of 25 years and for illegally detaining her in their home. A lawyer, who is not involved in the case, stated that he believes that the man is not telling the truth, stressing that the gold could have been hidden somewhere else by the man.

A high-asset divorce case can be nasty and, when things go in that direction, a divorcing spouse may choose not to disclose all assets as a form of retaliation. Although this might seem to be a rather brilliant idea at first, failure to disclose all assets during divorce is illegal. In divorce, all marital assets should be divided fairly between the spouses. Divorce is an avenue to start fresh after a failed marriage. If family legal issues are complicated, one should get legal assistance rather than act without thinking. Being bitter about the end of the marriage may result in behavior that can be regretful.

Source: The Huffington Post, “Husband Turns Life Savings Into Gold, Then Dumps It So His Wife Can’t Have It During Divorce,” Matt Ferner, Oct. 28, 2013