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Does your spouse have off-shore accounts?

When spouses in California are faced with dividing everything they own during divorce, the temptation to hide assets can sometimes become irresistible. If you fear that your spouse has hidden funds in off-short accounts, you may be worried about how you will find this information and ensure that you get a fair settlement. The American Bar Association has created a guide to help you find any monies that your spouse may be attempting to hide in foreign banks.

With the rise of internet banking, hiding assets has become more difficult in some ways, but easier in others. Foreign accounts are more common than they used to be, making off-short activity less suspicious. Transferring money can also be done with a click of the button, as opposed to the lengthy process that used to be required. While it is easier to send money to foreign accounts, the Internal Revenue Service has also worked to ensure that those funds are trackable and easy to find.

To deposit money overseas, most account holders will need to file an FBAR. This should include the information of the account to allow the government to keep track of the funds. Your spouse would need to have filed an FBAR for any mutual fund shares, commodity futures and options, some insurance policies and bank accounts.

Since the IRS takes more care to track these accounts and forms, you can file requests to receive information about any overseas accounts that were created by your spouse. This information is intended for your education and should not be taken as legal advice.

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