How can we deal with assets held in other countries?
In order to negotiate a fair property settlement following the breakdown in a relationship, full and frank financial disclosure is necessary. However, some parties may try and conceal assets in foreign corporations or trusts. Parties may even try and transfer interests in assets to non-arm’s length individuals to reduce their requirement to make an equitable property payment in a family law dispute.
Working with foreign experts to determine what assets are held by a spouse is essential in determining a date of separation value of assets. The appointment of a forensic auditor may be of assistance in these types of cases, to ensure a fair resolution to property claims.
Typically, a spouse with the assets has the obligation to produce fair valuations of these entities. In the event a spouse requires Court Orders to provide disclosure or a Court appointed auditor, the costs associated with these orders and professional experts ought to be borne by the spouse evading disclosure.
Orders can be made against financial institutions directly, to ensure documents are provided promptly in the context of a family law disputes. In fact, third party disclosure orders can be made at the direct expense of the evading spouse. Our office has received disclosure orders against financial institutions across North America. These orders are essential when dealing with the concealment of foreign assets.