Just a quick one (offshore banking)

dqnet

Hey folks,

I was just wondering what the setup is for offshore banking.
Let's say I get divorced or divorce one day (hope not!) what would be the best bet for the wife not to get access to 50% of everthing?

I heard offshore banking is probably the best way?
Can anyone advise!

and yes, we are not divorced, we are not getting divorced, I am mearly asking for knowledge sake - so please let's keep the comments to a side

dqnet

p.s. i've looked at hsbc and lloydstb offering but cant find anything there about protection (unless they dont advertise that bit for the obvious reasons)????

nrsql

Depends if you want to be legal or not.
If you do then it doesn't matter where you keep the money.

As to knowledge - have you asked your wife? Maybe she knows about this sort of thing.

opinions4u

In a divorce you will be asked to disclose all your bank accounts, wherever they are held. So legally you would have to advise solicitors / courts etc about funds held in the Lloyds branch at the bottom of the street, money you've shoved in to a secret online account with Sainsburys or money that you've "hidden" with Lloyds International in Jersey or The Bank of Cayman.

You are also liable for UK tax on interest earned offshore, and many dependencies of EU countries (such as Jersey, Isle of Man etc) have agreed to provide interest returns to state governments in order to stop people illegally hiding funds offshore.

cant find anything there about protection

The local pharmacy, your GP or the Family Planning clinic can advise on this. Minimising offspring can help to make a divorce easier and cheaper.

dqnet

Could I just not open an account in my sisters name and dump the money there? But what happens if that (sister dies) does it go to her husband?

dqnet

nrsql wrote: »

Depends if you want to be legal or not.
If you do then it doesn't matter where you keep the money.

As to knowledge - have you asked your wife? Maybe she knows about this sort of thing.

I'm not to sure what you mean by legal or not... I just wany a place to put a percentage of funds that can be kept legally in my name after divorce.. Bare in mind i'm not looking for some tax haven or anything like that...


Haha, no i havent spoken to her 'just' yet.

dqnet

bump..!

opinions4u

Deliberately hiding your assets to achieve a favourable divorce settlement would almost certainly be seen as a fraudulent act with the potential of a prison sentence if found out.

Andystriker

dqnet wrote: »

I just wany a place to put a percentage of funds that can be kept legally in my name after divorce

No such place exists.

If you do not declare all your assets in the event of divorce then you are breaking the law.

dqnet

opinions4u wrote: »

Deliberately hiding your assets to achieve a favourable divorce settlement would almost certainly be seen as a fraudulent act with the potential of a prison sentence if found out.

If there is no way to do it legally, then I wont go near it. If it breaks the law, its not worth it. Thanks for all advice guys..

sabretoothtigger

If you marry in Hawaii then there is no asset split rights (in theory). Each party leaves with what they joined with.


Do a repo swap or something weird like the greek government and lehmans did. Except in reverse, an event which reduces your current worth but in future [unexpectedly] gives you back the wealth.

I cant really think of anything exactly but Im speaking along the lines of a bet. If its any known quantity or an investment, the court would surely take it as current wealth.
I can say the UK has some of the most liberal financial laws in the world regarding this kind of thing so your in the right place, you'd need expert advice on this.
You'd be risking a total loss and/or need alot of trust in the advice given though.

Sorry if its not clear, some case history Ive read on this mentioned shares in a divorce. In that case I think he lost a ton of money and didnt think it was fair ie. 2008 but it could occur in reverse possibly and legally make you far better off after a split is finalised.


I bet this trick is pulled all the time with really rich guys