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Is your spouse hiding money from you during your divorce?

May 30, 2019 | Firm News

When Colorado residents file for divorce, the long process of dividing assets and child custody starts. While some divorces are amicable, there are couples who do whatever they can to avoid paying what rightfully belongs to the other spouse under the law. If you fear that your soon to be ex-spouse is hiding money from you, Bankrate offers a few red flags to watch for.

Watch any credit card payments for significant overpayment. Sometimes a consumer will make a large payment on a credit card because it then becomes spendable cash. For example, if you owe $500 on a credit card and your spouse makes a $3,000 payment, they immediately have access to $2,500 of cash. It is also a good idea to check and see where the payments are being made from. If it is not an account that you are connected to, your spouse may be hiding assets in a bank you do not have access to.

Pay close attention to any big withdrawals made from your account. If your spouse pulls out cash before talking to you about it, it is a good idea to initiate a conversation about where that money is going. If your spouse does not have a good answer, they may be pulling the money out so there is no evidence of it when your divorce is finalized.

Finally, look for credit card or bank statements that arrive at the house that are only in your spouse’s name. Make notes about any information you can on the outside of the envelope. Also, any ATM withdrawals that come from an account where the last four digits do not match your bank account may be a sign that your spouse is moving your assets or cash to a different location.

This information is intended for educational purposes and should be interpreted as legal advice.

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