Dealing with division of foreign assets during divorce process

| Sep 19, 2018 | Property Division

The dissolution of a marriage in Massachusetts can understandably be complicated from a financial standpoint, especially if you have several assets or have many high-value assets. If you and your future ex-spouse have real estate and other assets in foreign countries, this complicates matters even more. Here is a glimpse at what you need to do if you have foreign assets to divide during the divorce process.

As soon as you file for divorce in Massachusetts, you and your soon-to-be spouse must legally exchange information concerning your respective personal, economic and financial situations. This includes information on your income, debt and property ownership. This enables both of you, the court and your attorneys to determine a fair, or equitable, manner in which to divide your property.

This process of exchanging information, which is called discovery, can occur either informally or through rigid procedures, depending on your situation. It is critical that you be honest with your attorney during this process, as any assets you have hidden overseas, for example, will likely end up being discovered at some point. Likewise, you can turn to a forensic accountant to help you to uncover any foreign assets that your future ex may have hidden from you during your marriage.

We have been providing solutions for property divisions in divorces for the last 100 years. Since 1918, the attorneys of Seder & Chandler have excelled at facing complicated and fast-moving legal issues, from complex corporate law, commercial real estate law, estate planning, to acting as counsel for law matters business and personal. Contact us today to learn how our combination of traditional commitments and adaptivity has given us a legacy of a 100 years.