Sometimes, when divorce is on the horizon and seems inevitable, individuals will take steps to conceal some of their wealth, in the hopes that the court will not be able to divide that wealth with their spouse. Hidden assets are a problem that is most common in high-asset divorces, where the couple has a million dollars or more in tangible or intangible assets. If this is your situation, there are a few key places you can look, in order to make sure that you are getting your fair share out of the divorce process.
Common methods of asset concealment
Nevada divorce courts take asset concealment seriously. If the court becomes aware of an attempt by your spouse to conceal assets, they can issue an injunction to prevent the action. If the situation is serious enough, they can also hold your spouse in contempt of court and impose other penalties – such as giving you a greater share of those hidden assets.
Still, this often does not stop individuals from attempting to fool their spouses and the court through one of the following methods:
- Granting lavish gifts to friends or family. Sometimes this is done with the intent that the friend return the gift to your spouse after the finalization of the divorce, while other times it is merely a petty attempt to deprive you of your share of those assets.
- Excluding revenue streams from their obligatory financial disclosure. This could be income from investments, trusts of which they are a beneficiary, or a side business they run.
- Undervaluing expensive assets. If your spouse owns something extremely valuable, such as a boat, vacation homes, cars, antiques or collectibles, it may be a good idea to get an independent appraisal of these items’ value. Your spouse may grossly understate their value on their financial disclosure.
If you suspect that your spouse may attempt to deprive you of your rightful share of your marital property, it’s best to undertake some investigation. If you find undisclosed assets, do not hesitate to bring them to the attention of the court.
Even the most amicable of divorces can become tense and contentious when one party engages in dishonest practices. By doing your due diligence, you can help to ensure that your spouse is unable to deprive you of what you need to start your new life after your divorce.