If you are going through a divorce, it is crucial to obtain a full disclosure of all assets and liabilities, including those located outside the country. Many individuals believe that they can hide their assets overseas, but this is not the case. It is essential to uncover these assets, as it could impact the division of property and support payments in the divorce settlement.
Understanding Foreign Assets
Foreign assets can include bank accounts, investments, real estate, businesses, and other property located outside of the country. It is common for individuals to hold assets overseas for various reasons, including business or investment purposes, family connections, or simply as a means of diversifying their portfolio. However, when it comes to divorce, these assets cannot be hidden from the other party or the court.
Impact on Property Division
In Ontario, the Family Law Act governs the division of property between spouses. The act considers all assets and liabilities accumulated during the marriage, including those located overseas. Therefore, it is essential to obtain a complete financial disclosure of all foreign assets to ensure a fair division of property.
Impact on Support Payments
Foreign assets can also have an impact on support payments, such as spousal support and child support. In Canada, support payments are calculated based on the payer’s income, including any income earned from foreign assets. Therefore, if one spouse is not disclosing their foreign assets, they may be underreporting their income, resulting in lower support payments. It is crucial to obtain a complete financial disclosure of all foreign assets to ensure accurate support payments.
Obtaining a Financial Disclosure
Obtaining a full financial disclosure of foreign assets can be challenging, as it requires knowledge of the laws and regulations of the foreign country where the assets are located. It may also require the assistance of professionals, such as forensic accountants or private investigators. As an experienced family lawyer, I can assist in obtaining a complete financial disclosure of foreign assets and provide guidance on how to proceed with the information obtained.
If you are going through a divorce and suspect that your spouse may be hiding foreign assets, it is crucial to seek the assistance of a family lawyer. Contact me today for assistance.