If you are planning to file for divorce in Virginia, you are likely preparing by gathering as much information about your spouse’s assets and financial situation as you can. Whether or not you realize it, your spouse may be hiding funds in an offshore account. We at Jeffrey A. Vogelman and Associates know how important it is to find and report all assets in a divorce, which is why we will do everything possible to help you locate any available funds.
The American Bar Association states that, in the modern world, advancements in technology and international relations have made it increasingly difficult to access information about accounts in other countries. Some areas have laws that make it easy to invest, but difficult to track, while other governments may have created asset protection rules that allow for secret dealings.
The International Revenue Service has attempted to fight this by making the creation of offshore accounts and investments more visible. Certain countries that have long kept secrecy laws and were known as prime locations to hide accounts were cracked down on and forced to reveal their accountholders’ information.
Anyone interested in creating an offshore account must also file certain forms with the IRS. Income from these investments and accounts must be claimed on tax returns. In order to obtain a copy of your spouse’s tax returns, you can submit certain forms to the IRS. In order to learn more about finding your spouse’s offshore accounts and recovering needed information for your divorce, visit our web page
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