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How can I uncover an offshore account in a divorce?

On Behalf of | Mar 20, 2017 | High Asset Divorce |

When you are involved in a high asset divorce in Illinois, there is always a concern about your spouse possibly hiding assets. This can be done in a variety of ways, but a common approach is to put money in an offshore account. You have to uncover the money if you wish for it to be considered by the court when your assets are divided, so you can get what is owed to you under the law.

According to Forbes, setting up an offshore account usually involves getting a second passport and visiting the country to open the account. If your spouse gets a second passport, it will be done secretly so he or she can visit the country with the country while remaining undetected. Other aspects of maintaining this account are also done secretly and through means that can be difficult to trace.

You should work with investigators that are skilled in uncovering assets. An investigator can look for electronic trails and find information that you can use in court. Even if the information found is not usable in court, the investigator may be able to find evidence that will lead to information that is admissible.

You can get the IRS involved to help you track down offshore accounts because of strict U.S. tax laws. Working with the IRS may not be the quickest method to uncovering hidden assets, but in some situations, if you do uncover hidden assets after your divorce is final, you may still be able to get a court judgment in your favor. This information is only intended to educate and should not be interpreted as legal advice.


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