IL divorce lawyerA common divorce topic is the division of assets and property. Typical assets that a couple needs to divide in divorce include bank accounts, savings accounts, apartments, and cars. People with significant wealth sometimes have local bank accounts as well as offshore accounts abroad, which is perfectly legal. However, offshore accounts are of particular interest in divorce because they are sometimes used by a spouse to try to hide assets and avoid dividing them, which is not legal. If you are preparing for a divorce and are concerned that your spouse is using offshore accounts to hide assets, a knowledgeable DuPage County, IL asset division attorney can advise you on how to navigate this situation.

Why Would Someone Have an Offshore Account?

Some people have bank accounts in other countries if they also have a residence or business there. Overseas accounts can also be beneficial for international transactions as well as for various financial considerations. While using an offshore account to hide money from the IRS and avoid paying taxes you owe is illegal, managing your finances in multiple countries is not. However, hiding assets in offshore accounts in order to avoid dividing them with a spouse during divorce proceedings is against the law.