High-net-worth divorces in Nevada often involve complex property division issues. In some cases, a spouse will try to hide assets to keep the other spouse from getting their fair share of the marital assets in the divorce. Understanding the most common types of assets that spouses hide and how to locate them is critical when people believe that their spouses might be hiding assets during the divorce.
Types of assets spouses commonly attempt to hide
While a spouse might attempt to hide nearly anything, there are certain types of assets that are commonly hidden. Real estate is a common type of asset that may be hidden. When a spouse purchases a second home with cash, there might be little paper evidence that it exists.
Opening an offshore bank account is another common way people might try to hide money from their spouses. Even when a spouse discovers the offshore bank account, it can be difficult to access it. In addition, spouses who own businesses might depreciate the fixed assets to make it appear that their companies are worth less than they are. They might also hide small collectibles or artwork in their businesses or elsewhere. Other assets that might be hidden include the following:
- Mutual funds
- Cash
- Stocks
- Bearer bonds
Uncovering hidden assets
To find hidden assets, people might need to retain a forensic accountant. The accountant can pore through records and valuations to track down assets that have been hidden. When hidden assets are discovered, they can then be included in the property division aspect of the divorce. A judge might also penalize the spouse who tried to conceal assets during a high-asset divorce.
People who believe that their spouses are trying to conceal assets may want to get help from an experienced divorce attorney. An attorney who has experience in handling complex asset division cases might work with a forensic accountant to find assets that have been hidden. This process may help to protect the financial interests of the attorney’s client.
