Getting Divorced When a Spouse Has Money in an Offshore Account

 Posted on March 08, 2023 in Divorce

Most people have bank accounts in the country in which they primarily reside. However, it is not uncommon for high-income individuals to have “offshore accounts” in the Cayman Islands, Switzerland, Belize, or other countries. Although we often hear the term “offshore account” in conjunction with illegal activity in news stories, having bank accounts in other countries is perfectly legal. However, overseas accounts are sometimes used to hide assets during a divorce case.

Overseas Bank Accounts in Your Illinois Divorce Case

An offshore bank account may be used to reduce an individual's tax burden or make international business transactions easier. However, offshore accounts are also sometimes used to hide money from the Internal Revenue Service (IRS). Similarly, some divorcing spouses hide money in an offshore account to avoid dividing the funds during a divorce.

Financial Disclosure During Divorce  

One of the key elements in any divorce case is the disclosure of assets and debts, but financial disclosure is even more important in a high-asset divorce. Spouses are expected to provide a full accounting of what they own, what they owe, and what they earn in income. However, some spouses fail to disclose money in offshore accounts to sway property division in their favor or reduce their support obligations.

How to Find Assets Hidden in Offshore Accounts

Hidden assets tarnish the integrity of a divorce case and ultimately, cheat innocent spouses out of what they deserve. If you suspect that your spouse is using crafty banking strategies to gain an advantage in your divorce case, reach out to a skilled high-asset divorce lawyer. You deserve a divorce settlement that takes all of the relevant financial information into account – not just the information your spouse chooses to share. Your lawyer may work with other professionals such as forensic accountants to find undisclosed assets.

Contact our DuPage County Divorce Lawyer for High-Asset Individuals

Spouses who have significant wealth experience unique complexities and challenges during a divorce. If you or your spouse own offshore accounts or other complex, high-value assets, contact Goostree Law Group for dependable legal support. Not everyone who has an overseas account uses it for nefarious purposes, but offshore accounts are popular vehicles for financial deception during a divorce case.

Our Wheaton high-income divorce lawyers can help you find hidden assets and fight for a favorable divorce outcome. Call our office at 630-364-4046 and set up a free initial consultation.

Source:

https://www.forbes.com/advisor/banking/offshore-banking/