Going through a divorce is tough, but it’s even harder when you think your spouse is selling your shared assets. You may be wondering, “Can a spouse sell assets during a divorce?” This is actually a common question and experience for those going through a divorce. Recognizing this, we’re here to help answer your questions and break down the topic of selling marital property before divorce in this blog.
If you believe your marital assets are immediately being affected, it’s best to seek counsel right away. Our practice is focused on providing exceptional family law services in Colorado, and our team at Plog & Stein P.C. is here to help answer your questions. Call or contact us online today to ensure your interests are protected.
Understanding Marital Assets
Marital assets are items purchased during the marriage. When you get divorced, a court will decide how to divide these assets fairly. Marital assets may include:
- Houses,
- Cars,
- Pets,
- Furniture,
- Jewelry,
- Art collections,
- Collectibles,
- Vacation homes,
- Boats,
- Retirement accounts,
- Savings accounts, and
- Investments.
Even if one person paid for these items, they still count as marital assets if bought during the marriage.
Separate vs. Marital Property
Not all property in a marriage is shared. Some items can be considered separate property. These are things one spouse owned before getting married or received as a gift or inheritance. Separate property can also include:
- Personal injury settlements awarded to one spouse;
- Property agreed to be separate in a prenuptial agreement;
- Businesses owned before the marriage; and
- Trusts set up for one spouse before the marriage.
If you’re unsure what counts as marital or separate property, you should ask your attorney.
Husband or Wife Selling Assets Before Divorce
If your wife or your husband is selling assets before divorce, it can cause problems. They may be trying to hide money or make sure that you don’t get your fair share. This action is not allowed and can be seen as hiding assets. Hiding assets means not being honest about what you own. It can involve:
- Selling property without telling your spouse;
- Transferring money to a secret account;
- Giving valuable items to friends or family to keep them hidden; and
- Undervaluing assets to make them seem worth less than they are.
Hiding assets is illegal and unfair. Courts take this behavior seriously and can impose penalties on the spouse who is hiding assets.
Can a Spouse Sell Assets During a Divorce?
In most cases, you cannot sell marital property during a divorce without your spouse’s permission. Courts in Colorado, like in other states, want to make sure everything is fair. They want both people to get what they deserve, and selling assets without agreement can be viewed by the court as unfair to the other spouse.
Temporary Orders
During a divorce, you can ask the court for a temporary order. This can stop your spouse from selling assets. It’s important to act quickly if you believe assets are being sold.
Steps to Take If Your Spouse Is Selling Assets
If you suspect your spouse is selling assets, you should take the following steps:
- Document everything. This is your first step to take after suspicion arises. Keep track of bank statements, receipts, emails or texts about selling property, and all financial activity.
- Talk to your lawyer. An attorney can guide you on what to do next. They might suggest filing for a temporary order to stop asset sales, investigating where the money from sold assets is going, or asking the court to penalize your spouse for selling assets.
- Court actions. If your spouse continues to sell assets, the court can step in. The judge might order your spouse to return the money, give you a larger share of the remaining assets, or impose penalties on your spouse.
Taking these steps quickly can make a big difference in protecting your financial interests. By acting promptly, you can prevent further loss of assets and ensure that your spouse faces consequences for any improper actions. Remember, the court’s primary goal is to make the asset division fair for both parties.
Providing solid evidence and working closely with your lawyer can help you achieve a fair result. Don’t hesitate to seek professional advice from the divorce attorneys at Plog & Stein P.C. to protect what is rightfully yours.
Protecting Your Assets
If you think a divorce may be nearing for you and your spouse, it may be a good idea to start protecting your assets immediately. Even if you don’t suspect your spouse will hide or sell assets, taking precautions can save you a lot of trouble later. Being proactive can help you avoid misunderstandings and ensure a fair division of property.
- Set up a financial agreement. Before or during a divorce, set up a financial agreement that outlines what you and your spouse agree on about assets. It can prevent misunderstandings and protect your interests.
- Monitor financial accounts. Make sure to keep an eye on your financial accounts, watching for any unusual activity. If you see something odd, report it to your lawyer immediately.
- Stay informed. Know where your money and property are and how it’s being used. This knowledge can help you protect yourself during a divorce.
Taking these steps can give you peace of mind and better control over your financial future.
Take Action to Protect Your Assets with Plog & Stein P.C.
It can be stressful to think that your spouse may be hiding money or marital assets. But you have options. Reading this blog to learn more about the law related to marital and separate property is a great step in protecting yourself. Remember, you have the right to ensure you get a fair share—do not let your spouse convince you otherwise. To confirm your interests in the marital property, it’s best to speak with a family law attorney, like the ones at Plog & Stein P.C.
Serving Colorado since 1999, Plog & Stein P.C. focuses solely on family law cases. We have guided thousands of clients through divorce, always striving for the best outcomes. We understand that you only get one chance to secure your assets during a divorce, and our dedicated team is committed to making sure you get the right result.
Let us put our extensive experience and deep understanding of Colorado divorce law to work for you. Call or contact us online today to learn more about protecting your assets during a divorce.
