How Are Offshore Accounts Handled in an Illinois Divorce?

 Posted on March 04,2024 in Asset Division

A common divorce topic is the division of assets and property. Typical assets that a couple needs to divide in divorce include bank accounts, savings accounts, apartments, and cars. People with significant wealth sometimes have local bank accounts as well as offshore accounts abroad, which is perfectly legal. However, offshore accounts are of particular interest in divorce because they are sometimes used by a spouse to try to hide assets and avoid dividing them, which is not legal. If you are preparing for a divorce and are concerned that your spouse is using offshore accounts to hide assets, a knowledgeable DuPage County, IL asset division attorney can advise you on how to navigate this situation.

Why Would Someone Have an Offshore Account?

Some people have bank accounts in other countries if they also have a residence or business there. Overseas accounts can also be beneficial for international transactions as well as for various financial considerations. While using an offshore account to hide money from the IRS and avoid paying taxes you owe is illegal, managing your finances in multiple countries is not. However, hiding assets in offshore accounts in order to avoid dividing them with a spouse during divorce proceedings is against the law.

During proceedings, both spouses need to disclose their debts and assets. In a high-asset divorce, commonly defined as a divorce between a couple when at least one spouse has at least a million dollars, the financial disclosure is of utmost importance. If a spouse with considerable wealth does not provide information on offshore accounts where a large sum of money is kept, this is dishonest and unlawful.

It is important to begin collecting as much financial evidence as you can, including tax records, income statements, investment reports, and anything else relevant to you and your spouse’s finances. Additionally, there are professionals trained in forensic accounting who focus on discovering hidden assets. They can analyze expenses and determine whether all income seems accounted for in accounts that have been disclosed.

Schedule a Free Consultation with a DuPage County, IL Hidden Asset Lawyer

If you and your spouse are considering a divorce and you suspect that they are hiding assets to prevent you from getting your fair share, you should speak with a Wheaton, IL asset division attorney. At Goostree Law Group, we have experience advocating for our clients in similar cases, and we want to make sure you get everything you deserve in your divorce. Call 630-364-4046 to schedule a free consultation.