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How people may hide marital resources before a Nevada divorce

On Behalf of | Oct 5, 2024 | High-Asset Divorce |

Spouses contemplating divorce may begin planning long before they file paperwork with the Nevada family courts. Many people try to make moves that can protect them during the divorce. Sometimes, those efforts cross the line between appropriate conduct and inappropriate behavior.

For example, someone trying to ensure they have the necessary resources to support themselves after they file for divorce might move property and hide certain resources. They might intentionally omit certain assets or accounts from their inventory of marital property. Their attempts to hide assets can unfairly influence the outcome of property division proceedings by denying their spouse a fair share of those resources.

What are some of the ways that people may hide marital property as they plan for an upcoming Nevada divorce?

Creating a stash of cash

One of the ways that people avoid sharing marital resources with a spouse is by making small withdrawals from a shared banking account. For example, they might use their debit card when making household purchases and add a cash withdrawal to the transaction total.

While people might notice on their bank statements when a spouse pulls a large amount of cash from the account at once, it might be harder to spot repeated small withdrawals and withdrawals attached to debit card purchases. Spread out over the course of multiple months, such transactions could lead to thousands of dollars in hidden funds that should be part of the marital estate.

Moving physical property

Perhaps one spouse has an extensive collection of high-value jewelry. They might move some of their most valuable pieces to a safety deposit box or give them to a trusted friend to hold. People might remove high-value bottles of wine, works of art, antique furniture and designer clothing from the marital home so that those valuable assets don’t end up included in the inventory of marital property.

Diverting income from shared accounts

Another common tactic for hiding resources involves preventing part of a paycheck from reaching the marital account. Such behavior may have persisted throughout the marriage.

One spouse might under-report their income to the other as a way of retaining control over a portion of their income. They may then try to retain sole ownership of the bank account that they funded or any assets they purchased with that undisclosed income.

Individuals preparing for a complex, high-value Nevada divorce may need help evaluating their financial records. Tracking down hidden assets can help people properly value their marital estate and push for a fair outcome in a Nevada divorce. Hidden assets can unfairly alter property division proceedings by diminishing the value of a marital estate.

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