Dividing assets in a divorce is never simple, but things can get even more complicated when one party has offshore accounts. If you or your spouse have financial holdings outside the country, these accounts are still part of the divorce settlement.
Florida’s approach to asset division
Florida follows equitable distribution laws, meaning the court divides marital property fairly, but not necessarily equally. When it comes to offshore accounts, the same principle applies. These assets must be disclosed during the divorce process.
If one spouse hides assets in foreign accounts, the other spouse can request the court to consider those accounts in the division. Failure to disclose such assets can lead to legal consequences, including penalties or an unequal distribution of the marital estate.
Identifying and valuing offshore accounts
Valuing offshore accounts can be challenging due to the complexity of international laws and currency fluctuations. However, forensic accountants and financial experts can help track down these assets and determine their value.
The court will consider the account’s value at the time of divorce, factoring in any interest or investments linked to it. It’s essential for both parties to fully disclose all financial holdings to avoid complications later.
What to do if offshore accounts are suspected
If you suspect your spouse is hiding assets in offshore accounts, it’s important to take immediate action. Investigations into foreign accounts can be expensive and time-consuming, but they are necessary to ensure a fair divorce settlement. A forensic accountant can work to uncover any hidden assets, and the court will examine all evidence before making a ruling.
The law treats offshore accounts just like any other asset in the division process, but full disclosure and proper investigation are key to ensuring an equitable outcome.