We all know, or know of people that have managed to get married abroad. It probably doesn’t work out much more expensive than a lavish ceremony on these shores. Wouldn’t it be curious to find an agency set up to help you get divorced abroad?
“They got divorced? When did that happen?”
“Yeah they’ve been divorced a couple of months now, they got divorced in the Seychelles!”
“Pffft…..it’s alright for some, me and the ex had to make to do with a divorce in Wolverhampton!”
In reality though, the only money held abroad in divorces tends to be offshore bank accounts that Mr. Taxman doesn’t know anything about……….yet!
That is, until a disgruntled soon to be ex-partner tells him about it, and handsomely rewarded they will be for it as well. Of course, marriage, or the dissolution thereof, doesn’t have any relevancy when it is an ex business partner blowing the whistle. However, according to HMRC, there are significant number of tip offs are coming from ex partners.
As the waters separating the terms “evasion” and “avoidance” get ever muddier (avoision if you will) it’s a made up word intended to nod at the notion that evasion and avoidance are becoming entwined but I’ll change it to aversion if you think it would make more sense, let’s not debate here on the rights, wrongs or other loopholes surrounding the whole Tax debate currently.
Fact is, it’s more incumbent on you to be up front. Hiding money from the tax man is one thing – and it can land you in prison. Hiding money that is due to a disgruntled ex is positively like dicing with death!
Be up front, and then you might avoid finding yourself being upfront in front of a Judge.
Getting divorced overseas does not automatically prevent financial claims being made in the UK. If you or your former partner have strong connections to the UK, the courts may still have jurisdiction over financial matters, regardless of where the divorce itself took place. This means assets, income, and offshore holdings can still be considered during a financial settlement.
Yes. All assets, including offshore bank accounts, investments, and property held abroad, must be fully disclosed during divorce proceedings. Failing to declare overseas assets can lead to serious legal consequences, including penalties, reopening of settlements, and potential investigation by HMRC. Non-disclosure can also significantly damage credibility in court.
If offshore assets are uncovered after a divorce has been completed, the financial settlement may be challenged or revisited. Courts take a very serious view of hidden assets, particularly if they were deliberately concealed. In some cases, this can result in revised financial orders, legal costs, and further scrutiny of tax compliance.
image credit: flickr.com/banjo_d