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Going through a divorce with an offshore account

When you decide it's time to file for divorce, you need to get all your ducks in a row, including your assets. Every single asset must be disclosed when going through a divorce. You will sign a financial disclosure form attesting that you've disclosed all your assets. If an offshore account is found, you could wind up in a difficult legal situation.

It's fairly simple to open an offshore account. For the most part, you will be required to provide the same personal information and proof of who you are as you would when opening an account at a bank in the United States. You might be asked to provide a notarized document too.

When the time comes to file for divorce, you will want to disclose any offshore accounts you have in your name and in both your name and your spouse's name. You should also ask your spouse if they have any offshore accounts in their name only. All of these assets must be disclosed in order to finalize the divorce.

If you suspect that your spouse has an offshore account they are hiding, you might want to consider hiring a forensic accountant. This professional will examine all of the evidence you provide them in an effort to find any offshore investing being done by your spouse.

Offshore accounts are still common today and are most often present in a high-asset divorce. Make sure you disclose any offshore accounts you have, even if they are in your name only, so you do not wind up in a more difficult position than the one you are already in with the divorce.

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