Divorcing Husband Throws Out Life Savings

Gold Bars - Man Converts Money to Gold then Throws Away

Colorado Man converts retirement into gold and throws it away in anticipation of divorce.

The Huffington Post recently reported on a Colorado Springs man who allegedly converted his entire life savings into gold and then threw it away so that his ex wife could not get it in the divorce proceedings. The story goes that the Colorado man cashed out his retirement and investment accounts which totalled approximately $500,000 and converted the money into gold. The gold, which was about 22 pounds worth of gold bars and coins, was then taken and thrown away in the trash can of a Colorardo Springs hotel. All of this was done to keep his wife of 25 years of getting her portion of the retirement.

While some vindictive partners out there who are going through a divorce may be cheering for this guy or thinking this was a good idea the reality is that the court does not allow for this kind of activity and you will pay for trying to illegally keep assets from your spouse, who is entitled to a portion of those assets. Property distribution can be a very frustrating part of the divorce proceeding but it is necessary and you need to be prepared for the possibility that you may have to part with a lot of your property and assets.

About Todd Peterson

Todd Peterson has been with Salcido Law firm for a number of years and specializes in Family Law practice. He is dedicated to helping people through the very difficult and highly emotionally charged times when they need a family law attorney.
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