The Panama Paper Leaks Show How Easy it is to Hide Assets During Divorce
On Sunday, April 3rd, the International Consortium of Investigative Journalists released a massive trove of documents leaked from a secretive Panama law firm that specialized in helping clients all around the world hide money by setting up shell corporations. Although the resulting news frenzy centered on famous movie stars like Jackie Chan, political figures like Iceland’s Prime Minister, and companies linked to rogue regimes that were all shown to have hidden money in shell companies and tax havens, the truth is that almost anyone who wants to hide their wealth can use these types of services.
The law firm at the center of the debacle, Mossack Fonseca, is just one of many similar firms that allow individuals to easily set up shell companies that exist in known tax havens, like the British Virgin Islands. Some people use shell companies to avoid paying taxes, while others seek to hide their assets for other reasons, including to preserve them during a divorce proceeding.
At Albrecht & Albrecht, we see spouses who try to hide assets all the time, which is why it is so important for you to secure legal representation if you believe that your spouse might be hiding assets. We can help you hire a special investigator to search for hidden assets so that you can get exactly what you are owed.