When going through a divorce, it is important that no assets are overlooked. It is also important not to assume that you know how much your spouse has.
An article in the Denver Post reveals just how little spouses may actually know about each other’s assets. According to a recent study, more than 20 percent of husbands and wives did not know how much money was in their spouse’s retirement accounts.
Not Every Couple Talks About Money
While the article opens with a line that implies that trust issues are at the core of why so many couples fail to talk about money, it goes on to state that there are other potential reasons. One of the reasons is a fear that a close look at the numbers will show that the couple will not have enough money to retire the way they had hoped. Another reason is cultural; people simply may not have been raised in families that talked about money and therefore are not equipped to have such discussions with their loved ones.
Regardless of the reason, the result is the same: Many people go into divorce without accurate information about marital property. That information needs to be discovered during a divorce in order to achieve a fair division of property.
It Is Not Just Retirement Accounts
401(k)s and other retirement accounts are considered marital property and may be subject to division in Colorado. However, as the article points out, retirement accounts are not the only problem. A different study indicated that 43 percent of people did not know their spouse’s exact income. Ten percent were more than $25,000 dollars off when guessing their spouse’s income. Furthermore, many people indicated that they had accounts that spouses did not know about.
Getting Accurate Numbers In A Divorce
When going through a divorce, you want to know the full extent of your spouse’s assets in order to obtain a fair division of property. That is why it is important to have an attorney on your side who knows where to look to make certain no assets are overlooked, and who can thwart any attempts by your spouse to hide assets that you were previously unaware of. At Scardina Family Law, we are skilled at handling complex divorces and pursuing a fair division of property.