Butler Giraudo & Meister
Peoria 309-407-3332
Morton 309-263-1204

How can you see if your spouse is hiding money?

Couples in Illinois who are going through a high-asset divorce have a lot to consider. Each side needs to dig a little deeper sometimes to uncover assets the other one may be hiding. One way some wealthy individuals attempt to keep money from their spouses is through an offshore account. While keeping money in a different country is not illegal, keeping it secret and not paying taxes on the income earned definitely is illegal. Knowing how to find out if your partner has an offshore account has become easier thanks to new tax laws.

According to the American Bar Association, the U.S. government has been working harder to combat tax fraud and evasion by taking a close look at offshore accounts. In one example, a banker in Panama worked with the government to convict a wealthy plastic surgeon of hiding millions of dollars from the wife he was divorcing. Thanks to the Foreign Account Tax Compliance Act in 2013, there is an increase in transparency which makes it easier to find out if a spouse has assets elsewhere.

The IRS admits to benefits, such as investments and convenience, of keeping money in offshore accounts but it does require taxpayers to report this money and any earned income. Because of this, if a spouse is abiding the law, this information can easily be found on his or her tax return. Offshore money can be found on Form 8938, which is the Statement of Foreign Financial Assets. During the discovery process, spouses should also ask for Form 114, Report of Foreign Bank and Financial Accounts, as this also discloses foreign assets but is not filed with the regular tax return.

 

No Comments

Leave a comment
Comment Information
  • I cannot even express in words the level of gratitude that I feel. ‘Thank you’ doesn't seem to be enough. Please know that your services and compassion will never be forgotten! I am forever grateful!

  • Thank you so much for your hard work and expertise. I feel as a father in the state of Illinois that what I am trying to achieve is nearly impossible. I am so glad I chose to have your office full of extremely intelligent women represent me.

  • We would like to say thank you for your expertise, education, and kindness when we met with you! Your confidence has helped to comfort us and give us hope that resolution of the issue is possible.

  • I just wanted to say thank you from the bottom of my heart for all your time, energy, and efforts you put into our case. Thank you for helping make our son's quality of life better. I cannot tell you how happy we are!

More Testimonials
Contact Us Today

Contact Our Lawyers About All Areas Of Family Law

We are driven and committed to a successful outcome for all of our clients. To arrange a consultation with attorney Susan Butler, Kelly Giraudo or Tamara Meister, call 309-263-1204 (Morton) or 309-407-3332 (Peoria). You can also contact our law firm by filling out the form below. With offices in both Peoria and Morton, we work hard for our clients while getting to know them as people.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Morton Office
100 S. Main Street
Morton, IL 61550

Toll Free: 888-314-9667
Phone: 309-263-1204
Morton Law Office Map

Peoria Office
110 SW Jefferson Street
Suite 410
Peoria, IL 61602

Toll Free: 888-314-9667
Phone: 309-407-3332
Peoria Law Office Map

Morton Office Peoria Office