Arizona divorces carefully consider all marital property for equal division, focusing on fair and equitable distribution, if not a strict 50/50 split of community property. In some divorce cases for spouses with standard assets, such as a home and two vehicles, this is a straightforward process, even though it’s often emotionally fraught. However, when spouses have high or complex assets, such as offshore accounts and international property, it quickly becomes challenging. An Arizona high-asset divorce attorney can help navigate this exacting discovery process.
Once one spouse has filed for divorce in Arizona and the other spouse has filed a response to the divorce petition, both sides enter into the discovery phase of the divorce process. During discovery, each spouse must fully disclose their income, debts, and assets, including offshore assets and international property. Each spouse’s Arizona divorce attorney may subpoena documents from the other spouse, compelling the spouse to produce documents, including those pertaining to offshore assets, such as international property and overseas financial holdings. Failing to fully disclose all assets constitutes noncompliance that may result in contempt-of-court charges and additional assets awarded to the compliant spouse.
In high-net-worth divorces, or divorces between spouses with complex and diverse asset portfolios, international assets often include:
Differences in currency values across overseas accounts and jurisdictional issues with international property can make it challenging to identify and disclose these assets. In addition, cryptocurrency is difficult to trace, requiring careful investigation by financial forensic accountants.
Fair and equitable asset division becomes more complicated when property and accounts are located outside of the United States. In the best-case scenario, each spouse is fully forthcoming about their international assets during the discovery process, allowing a fair division of those assets that the court considers marital assets. Marital assets are all property and accounts acquired during the marriage, and the improved value of some commingled separate assets.
Fairly and equitably distributing offshore assets and international properties first requires identifying the assets.
If a spouse fails to fully disclose an offshore asset, it may require a forensic accountant to locate each asset. Then, an asset must undergo the valuation process to determine its current value before it is equitably divided between the spouses.
In some cases, each spouse uses a separate valuation process, which may result in different outcomes. If the discrepancy and disputes over asset division isn’t resolved through mediating a settlement agreement, both sides must present their case to a judge in a contested divorce process.
Spouses with complex financial portfolios, including international financial holdings, require assertive legal representation with access to forensic accountants and valuation professionals. Achieving full disclosure and a fair and equitable division of assets as required by Arizona 25-211, community property law, is always the goal during negotiations and the mediation process.
Call or contact Wilson Goodman Law Group, PLLC online to speak with a Chandler divorce attorney who will safeguard your best interests throughout the process of your divorce. We always seek a low-conflict resolution to avoid court, but are always trial-ready should a contested divorce become necessary in your case.
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