Complex & hidden?
As financial expert lawyers we bring our global experience to family law matters that involve a spouse that is difficult, concealing our structured in a way that defeat normal processes and understanding.
Goldman lawyers are experts at global asset protection and intranational tax issues!
Some of the most complicated accounting, legal and structuring matters that exist in the world today. We bring this financial expertise to complex financial matters in family law.
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15 "easy" ways an ex-partner can hide or take money away from you!
How clients seek to avoid full and frank disclosure in breach of the Family Law Act.
Parties to a family law proceeding must provide a full and frank disclosure of their financial circumstances under rule 13.04 of the Family Law Rules and rule 24.03 of the Federal Circuit Court Rules.
Parties must provide information on financial resources such as their income, assets, liabilities, expenses; no matter in whose name these assets are held (i.e., trust) or in which country they are held.
We look at 15 different methods below that an ex-(current) partner can hide money from you. These are based on our experience that spans over thirty years across global asset protection and tax planning. We have limited these to 15 but could easily provide many others.
If some of the below scenarios may apply to you or you just want to be sure, contact us for a free case assessment before it is too late.
Depositing money into trusts
Putting assets or monies into a trust does not protect them from family law proceedings. This is a misconception. As is, transferring money into children's names and so on
Minimising income and tax deferral
Deferring their salary or bonuses, not exercise stock options, bring forward tax deductions. Writing off assets and bad debts and so on.
Stockpiling cash- undeclared income
Withdraw extra cash while grocery shopping using their debit/credit card labelled â€śShoppingâ€ť/â€śGroceriesâ€ť. Cash business receipts and so on.
Expensive items with gift cards
Purchasing expensive items or gift cards which can be used/resold or refunded later after the settlement.
Offshore accounts and overseas structures
Global payments and receipts. We can deconstruct these structures. Watch out for behaviour such as business trips before separation.
Declare bankruptcy to show that they have little to no money or assets to contribute to the asset pool.
Related company or business rorts
Business owners. Start a private company and transfer their own money into the new business/company. Purchase assets as business expenses. FBT, reimbursement. Divert income receipts. Derive low salaries.
Overpaying on expenses and debt
Overpay and notify the bill receiver/ credit card company of the overpayment and receive a refund after settlement.
Loans to family or friends
Fictitious loans from relatives, friends or business partners or sale of assets to 3rd parties for less than market value
Online crypto currency and forex
Foreign currency and share trading accounts opened online or overseas; these can be used to purchase bitcoin and other crypto currencies which require a password and no beneficial owner. These are cashed in later on. Sophisticated strategies also use over-the-counter options.
Create losses with options
This is a bit more sophisticated. You do not disclose other options which close out your position but recognise the loss and a mark to market basis.
Inflate living expenses
Buy grocery items and pay for utilities for other parties or any combination of methods to inflate living expenses and slowly drain the asset pool. Over a few years this can add up to a significant sum.
Sale backs and damaged artefacts
Sell valuable assets on a mark to market basis at a low price with the understanding that the assets would be sold back to you after settlement. Usually this relates to coins, artefacts, jewellery, paintings or other assets which do not have a clearly identifiable market value. The items may be also declared lost, water or fire damaged or stolen.
Convert lump sum to an annuity!
Wow. This is a neat one, may reduce the asset pool by millions, especially if a defined benefit government fund.
Tax havens and nominee structures
The doosey of them all. No traceability one thinks? Think again.With over 30 years of offshore and onshore tax, finance and structuring expertise, we write the books on this. We know where and how to look.
Call to speak to us about any complex financial affairs as we achieve outstanding results in complex or international matters.