Gregg R. Lewis

Trusted Family Law

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Gregg R. Lewis
Trusted Family Law Services In Columbus

What is an offshore account?

On Behalf of | Jan 30, 2019 | High Asset Divorce |

During a divorce in Ohio, one thing you may have concern over is hidden assets. If you do not discover all the assets your spouse has, the court will not consider them when dividing your assets. It becomes quite important to uncover everything. One thing to consider is any offshore account your spouse may have.

According to U.S. News and World Report, an offshore account is simply a banking account in another country. They are not illegal, which is a misconception. As long as the account holder properly reports to the IRS on the account, it is completely legal. Many people have these accounts when they travel a lot or want to diversify their assets. Some people may open such an account for a foreign inheritance or if they have relatives in a foreign country. If your spouse fits into one of these categories, you should consider searching for offshore acocunts.

An offshore account is an issue in a divorce when your spouse does not disclose it or hides it from you. However, you can often catch such an account on your spouse’s taxes. While in the past, it was fairly easy to avoid taxes and therefore successfully hide an offshore account, that is not as true these days. The U.S. has worked to make agreements with the most common countries where citizens may hold these accounts. This ensures there is IRS reporting. That makes it much easier for you to discover an account even if your spouse has never told you about it. This information is for education only. It is not legal advice.



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