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Can my spouse legally transfer funds offshore before a divorce to avoid paying me this money?
My husband and I are going through a lot of marriage trouble and a couple a days ago after an argument, we both verbally agreed to divorcing each other. However, I suspect my husband is already transferring the money in his bank accounts off shores to avoid paying me spousal support. I live in Nevada. Can he legally do that or how does all this work?
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Answers (1)
Hiding assets in divorce won't do much good since the courts will require every bit of asset information such as account information in order to equitably divide assets during the divorce. This is to ensure that both parties have access to the property and money accumulated during the marriage, and in the case of spousal support, to ensure that the payments are accurately calculated. However, it is not uncommon for individuals to dispute the equity of the court’s division, and at times, some individuals try to impose their own form of equity into the situation by hiding assets. Courts want to have a record of all assets owned by both parties when deciding how to calculate spousal payments and do not permit individuals to lessen their responsibilities by hiding assets.
If you believe your husband is planning to hide money in offshore accounts, you should inform your divorce attorney. Attorneys in this area may know experts who can track hidden assets. Another approach is to make records of all known accounts. Generally a spouse will have to account for a large, sudden decrease in a bank account and the court could order the individual to return hidden assets.
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Posted by Jeff Rickman on 25 Jan 2010