In Virginia, you and your spouse are legally required to disclose all your assets, including offshore accounts. However, if you are skeptical about your spouse’s disclosure, you might want to dig deeper to discover any hidden offshore accounts.
How can you trace a hidden offshore account?
Discrepancies in your family finances can be a major red flag in a family law case. Watch for:
- References to overseas business interests, foreign investments or unfamiliar accounts
- Unclear bank withdrawals or wire transfers
- Income that is unexpectedly low
- Missing financial documents or bank statements
These indicators do not conclusively establish the existence of hidden offshore assets, but they can warrant further review under state family law and financial analysis.
What happens if hidden offshore assets are discovered?
When a court finds that a spouse failed to disclose assets during a divorce, it can take action to correct the outcome. The court may:
- Include the hidden assets and change how the property is divided in accordance with equitable distribution law
- In appropriate circumstances, award attorney fees or other costs associated with the litigation.
- Consider this dishonesty when making other decisions in the divorce
The exact steps the judge takes will depend on the details of the case and how much the hidden information affected the original agreement.
What should you do?
Your best option is to work with a family law attorney and a forensic accountant. A forensic accountant can dig into the financial records to trace suspicious activity, while your attorney can use the legal process to formally demand disclosures and bring findings before the court.