If your wealthy spouse plans to divorce you, you may expect to receive some of the funds and assets earned during your marriage. But if the spouse hides money, precious metals and other valuables in another country to avoid paying taxes, child support and alimony, hire a divorce attorney now. Your spouse's lack of integrity and consideration for you and your children can leave you unsupported after your divorce. Here are things a divorce attorney can do to protect your family.
Can Your Divorce Attorney Report the Spouse to the Internal Revenue Service?
When spouses file for divorce, both parties must reveal the amounts and locations of their assets, funds and properties to their attorneys. The family court uses the information to decide how much financial support each parent must provide for their children. If one spouse makes more money than the other spouse, the court awards alimony to the spouse who earns less. But if your soon-to-be ex hides financial information to avoid supporting you and your kids, your attorney may contact the Internal Revenue Service to report them.
When people report their taxes to the IRS, they create legal records of how much they earn or own. People who don't want the IRS or their spouses to know about their financial information evade their tax responsibilities each year by hiding, moving or transferring their funds, assets and valuables to other countries not governed by the United States. The tax evaders convert their funds to the other country's currency. Once tax season ends, the tax evaders repatriate the finances back to the United States. In most cases, it can take years to locate and prosecute tax evaders.
However, it may not take long for the IRS to go after your divorcing spouse once your attorney reports them. Because of your vigilance and divorce attorney's expertise, the IRS may now freeze and secure the spouse's hidden finances sooner rather than later.
Can Your Divorce Attorney Obtain Your Fair Share of the Hidden Assets and Funds?
Although you and your children deserve a fair share of the spouse's financial gains and earnings, the IRS may decide to take care of the spouse's tax obligations before it releases its hold on the spouse's funds. But if your divorce attorney can show IRS and family court that you and your kids are in need of support immediately, the IRS may release the hold on the funds temporarily.
However, keep in mind that it may take the attorney longer than you expect or feel comfortable with to obtain your support if the spouse owes several years worth of taxes. Your divorce attorney will discuss what you may expect during a private consultation.
For more information about your spouse's tax evasion and lack of support, contact legal professionals such as Nichols, Speidel, & Nichols.