Loveland, CO asked in Divorce for Colorado

Q: What happens when a defendant in a Colorado divorce does not disclose a gift (from a parent) in a divorce settlement?

The marital estate to settle was valued at $1,000,000. The split was 50/50 and the petitioner was granted an additional $30,000 to settle the matter out of court.

Related Topics:
2 Lawyer Answers
John Hyland Barrett III
John Hyland Barrett III
Answered
  • Louisville, CO
  • Licensed in Colorado

A: The court retains jurisdiction for 5 years to deal with any undisclosed property. A gift is considered separate property, not marital property. The existence of the gift may have influenced the division of marital property. A lot may depend on the size of the gift and whether it was known to the other party. You should retain an attorney to pursue this any further.

Stephen J. Plog
Stephen J. Plog pro label Lawyers, want to be a Justia Connect Pro too? Learn more ›
Answered
  • Tampa, FL
  • Licensed in Colorado

A: Additional information is needed to assess your question. A gift from a parent is not marital property. It is separate and the court has no jurisdiction over it. However, let's say that gift was $100K financial account in 2012 that's now worth $200K. The $110K increase would be marital in nature. Pursuant to CRCP 16.2 there is a 5 year time frame in which to raise issues of undisclosed property. If there was a significant, material omission, the court has jurisdiction during that time to deal with the asset. If there is no marital component to the gift from a parent it's likely not worth even raising the issue. Again, you should discuss the specifics with an attorney to assess your situation if the answers you are getting on line do not provide enough insight to you.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.