What Are Hidden Assets in Divorce?
Divorcing spouses in Nevada have to disclose their financial condition to the court. This includes a full listing of all their assets. This procedure is meant to ensure that all marital assets are disclosed and therefore subject to division during their divorce case. However, there are instances where spouses try to hide assets through unfair means. Our divorce attorneys in Las Vegas provide valuable information about marital finances, including what we do to uncover the hidden assets for your benefit.
What Are Hidden Assets?
Hidden assets are valuable possessions and assets that one party intentionally conceals from another. Spouses do this to attempt to cheat their soon-to-be-ex out of a share of assets that are rightfully theirs. The best divorce attorneys well aware of this tactic. They always advise to investigate marital assets and finances thoroughly. There are times where hidden assets are uncovered and times where they are not. In any event, a thorough investigation into all marital finances puts your mind at ease.
Common examples of hidden assets include:
- Unreported retirement accounts or under-reported tax returns
- Overseas bank accounts and real estate properties
- Undisclosed business assets purchased with marital funds
- Hidden luxury items and valuable possessions
- Secret funds transferred or withdrawn from a business to a shell company
The above list is not all inclusive. There are numerous other ways a dishonest spouse can conceal assets. Your best bet is to retain a high net worth divorce attorney familiar with such cases. They know how to thoroughly vet all marital finances and uncover hidden assets during divorce matters. Our experienced attorneys also add a clause in the decree of divorce that entitles you to receive a share of marital assets you might discover after your divorce case concludes.
Is Your Spouse Hiding Assets?
If you suspect hidden assets, retracing your marital and spouse’s financial activities is a practical way to start. If your inquiries uncover items that cause you concern, our attorneys will retain a forensic accountant to conduct a formal investigation. However, the whole process is highly complex and time-consuming. That’s why we advise our divorce clients to look for a probable cause for their suspicion. This is to minimize the chances that the forensic accountant isn’t searching for something that doesn’t exist.
Here are a few warning signs you should consider:
- Has your spouse ever lied about their salary and/or other income?
- Do you have access to all bank account details and passwords, including those for a spousal owned business?
- Did your spouse ever withdraw a significant amount of money to pay off an alleged debt?
- Have you noticed unusual transactions from your joint accounts?
- Do they hide information on financial investments from you?
- Are they frequently transferring funds to offshore bank accounts or other vehicles without your knowledge?
- Do they make contradictory statements about financial matters?
- Have you checked your safe deposit box to make sure that everything is there?
Our Divorce Attorneys in Las Vegas Can Help You
Recovering hidden assets is not a simple process. Our attorneys have a successful track record in locating hidden marital assets. As a result, your spouse’s misconduct doesn’t deprive you of what’s rightfully yours. Call 702-222-4021 to speak with one of our State Bar of Nevada Board Certified attorneys. Both Jennifer V. Abrams and Vincent Mayo provide phone consultations as a courtesy at no charge. They’ll be glad to learn more about your concerns and will provide you with valuable information.
Business Ownership in Divorce Proceedings
7 Mistakes Professionals Make in Divorce
Do You Qualify for Alimony Payments in Your Divorce?
Bill Gates Divorce
Pensions and Divorce in Las Vegas
Lottery Winnings in a Las Vegas Divorce
Pitfalls to Avoid in Prenuptial Agreements
What is Temporary Spousal Support?
Divorce and Social Security Benefits