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.

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The Basis for Dividing Property in Northern Utah Divorces

The process that a court uses to divide property in a divorce starts with identifying what is called the marital estate. What this means is that the court will first define all the property that is owned by the marriage, this includes all property acquired during the marriage or that was paid for by marital assets. Items that are non-marital property include property owned before the marriage, or property that was received by gift or inheritance during the marriage. These non-marital property items are not included in the marital estate and are awarded to the party who owned them before the marriage or received them as a gift or inheritance. The rest of the property is then divided fairly and equitably, the judge decides what is fair and equitable but it usually ends up being a close to 50/50 split.

Getting help with your Property Division Fight | Ogden Divorce Attorney

If you are going through a divorce or are about to then it is a great idea to have an experienced divorce attorney helping you understand your rights and educating you in the divorce process so you can make informed decisions. Call or email us at Ogden Divorce Law today to get your questions answered and receive the help you need.

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