How To Divide Offshore Accounts And Overseas Property In A Florida Divorce?
Florida is home to hundreds of thousands of people with overseas property and businesses in foreign countries, not to mention that many residents have significant assets in offshore accounts due to tax advantages.
However, when people who have overseas properties decide to end their marriage, the property division process can get complicated.
You Need an Orlando Property Division Attorney to Divide Assets
Florida is an equitable distribution state, which means all property owned by the spouses must be divided fairly and equitably in a divorce. In addition, Florida requires full disclosure of assets in order to ensure a fair division of property between the spouses.
Dividing overseas property and offshore accounts in a divorce can be a confusing process because there may be difficulties with valuing the assets or bank accounts in foreign countries.
For this reason, it is advisable to seek the legal counsel of an Orlando property division attorney to help you divide overseas property in your divorce.
Why is It Difficult to Divide Overseas Property?
Dividing property is usually the most contentious issue in a divorce. However, owning overseas property can further complicate the division process and lead to more disagreements between the spouses;
It can be difficult to divide overseas property between the spouses because:
- Property in foreign countries is subject to the laws of the respective country;
- If a spouse has offshore accounts or overseas property, they may also have hidden assets in other countries;
- The spouses may need to hire foreign appraisers to value overseas property, which can increase the cost of divorce;
- It can be difficult – and often, almost impossible – to find a spouse’s hidden assets abroad due to strict international privacy laws; and
- Foreign countries may refuse to enforce court orders issued by U.S. courts.
What Are the Common Types of Overseas Property in a Divorce?
The most common types of property that spouses may have in foreign countries include but are not limited to:
- A second home overseas
- Bank accounts
- Foreign trusts and retirement accounts
- Investment properties in other countries
How to Divide Overseas Property in a Florida Divorce?
Here’s what you need to know about the division of overseas property and foreign assets in a divorce:
- Disclosure. A spouse who owns the overseas property may not disclose all of their foreign assets. For this reason, it may be necessary to hire financial experts to help discover hidden assets.
- Status of foreign assets. Since only marital assets must be divided between the spouses, it is vital to identify the status of overseas property during a divorce.
- Valuations. Since the overseas property is measured in foreign currency, it may be necessary to hire a foreign financial expert to evaluate the foreign asset.
- Distribution. While the court may not be able to seize overseas property, it can order the owner to sell or transfer foreign assets to the other spouse. If they fail to comply, the court can hold that spouse in contempt of court, which is punishable by fines and jail time.
Contact an Orlando divorce lawyer to help you divide overseas property, offshore accounts, and foreign assets in your divorce case. Reach out to Donna Hung Law Group for a case review. Call 407-999-0099.