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How do you handle offshore accounts during divorce?

| May 18, 2018 | High Asset Divorce |

Just because you live in St. Charles County does not mean that all of your assets are limited to the local area. You might have holdings throughout the state of Missouri, business interests throughout the USA and even accounts offshore. Dividing these complicated assets during a divorce would require care and discretion from everyone involved in the process: yourself, your accountants, your attorneys, your spouse and so forth.

One of the most discreet strategies for asset division is to attempt to avoid litigation. Although it would be unlikely in most cases that you would be able to negotiate your divorce, it would probably be in your best interest to make an attempt to do so nonetheless. Each member of a high-profile couple typically has more to lose than individuals with less of a reputation. As such, your spouse could agree to do things quietly through private negotiation— even if it would mean forgoing some of the certainty of court proceedings. 

It might also help you to look at how other high-asset individuals have managed their holdings in the past, and the results of those decisions. For example, the Panama Papers, uncovered in part by the International Consortium of Investigative Journalists, uncovered many details about offshore holdings, including assets allegedly hidden from spouses during or preceding divorces.

The Panama Papers discoveries prompted the type of legal actions you would likely wish to avoid during— or at any time after— your divorce. Fortunately, these mistakes are public record, allowing you to learn from them. This is not intended as legal advice for any specific case, only as a general discussion of the topic.