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Am I allowed to keep my offshore account?

On Behalf of | Oct 5, 2018 | High-asset Divorce

In cases involving divorce or, for that matter, other types of separation, especially when the couple splitting has a lot of assets, there is always a concern that one of them will try to conceal wealth outside the reach of the other party. The plan in this case would be to wait until a more convenient time when they can access the money for themselves without having to share it.

It is of course improper to conceal assets in a high-asset divorce, or even when a couple only has a modest amount of wealth between them.

However, it is important for Omaha, Nebraska, men, particularly if they are financially savvy, to remember that being open and honest about their assets does not mean they have to stop using their favorite investment tools.

Take, for example, the case of offshore bank accounts. For one, despite the air of nefariousness that surrounds them, offshore accounts are merely banking or investment products that are held in foreign countries. There is nothing illegal about them per se, so long as the owner is candid about their existence and follows all the laws pertaining to their setup and maintenance.

So, if a man feels like there is a lawful advantage to keeping some of his hard-earned money in an offshore account, he should ordinarily feel free to do so. Of course, in the event of a divorce, he should not try to hide the account but should follow all the legal rules about disclosing its existence and value. He may well have good arguments as to why the account is not subject to property division at all. In almost all cases, he can at least demand that the account be divvied up fairly.