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Hiding Assets During a Divorce: How Do I Protect My Assets? | Wheat Ridge Divorce Lawyer

| Mar 31, 2018 | Divorce |

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When a couple is headed for divorce in Wheat Ridge and Jefferson County, dividing assets can be a difficult process. It is common for both parties to want to hold on to what they feel is theirs. This may include an inclination to hide or move certain assets in order to keep them from the other party. While this is totally understandable, it is not advisable. You may feel the right to hold onto what is yours or keep it separate from your estate so you do not have to split it, but the court does not see it that way. However, there are some steps you can take in order to protect yourself and your assets.

Divorce and Assets: Beginning the Process in Jefferson County

When a dissolution of marriage is filed with the Jefferson County Court, both parties will be given a list of things they cannot do. Some of these things you are prohibited from doing includes: removing the children from the state without permission, hiding or disposing of any assets and changing any insurance policies. The idea behind these injunctions is to keep things fair between the two parties and keep one party from negatively affecting the other. This means that doing something like moving money out of a joint account into an account only you have access to would be considered a violation and could have serious consequences.

Protecting Yourself and Your Assets During an Arvada Divorce

So, what can be done to protect yourself? Until you have a divorce order signed by the judge, any income you receive is still part of the marital estate. If you are worried about your spouse having access to that income, you can open a personal account and deposit the money there. It is still subject to division as part of the martial estate, but at least you will know if will not be frivolously spent. If you are concerned that your spouse is racking up debt that you will be partially responsible for, you can have your attorney file an interim order to cancel any shared credit card accounts. Both parties will be responsible for any remaining debt, but you can move forward with opening lines of credit in your name alone, so that you are in charge of all the charges.

If you are preparing for a divorce and worried about your assets, contact the best family law attorneys from the Pearman Law Firm at 720-259-9528 or 888-835-6339 for your free initial phone consultation.

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