Foreign assets add a layer of complexity to a couple’s divorce. Do Florida laws apply to foreign assets? How will they be split? What counts as a foreign asset? Questions like this can lead you down a rabbit hole. So, here is what you need to know to get a precise picture.
Are you required to disclose foreign property?
Since foreign properties are located outside the jurisdiction of Florida, many people assume that they are not required to disclose them. On the contrary, both spouses are required to disclose all their assets irrespective of where the properties are located. It can be a difficult task for the court to discover the foreign properties, bank records and investments without your cooperation.
Do Florida laws apply abroad?
A Florida court may order the division of foreign assets under the state’s equitable distribution law. Whether it can enforce that order on foreign soil is open to question. It largely depends on whether the foreign country recognizes and honors Florida court judgments.
Common strategies courts use while dealing with foreign assets
Florida courts usually cut through the red tape by exercising their jurisdiction over the person rather than the foreign property. Accordingly, the court may ask the spouse with foreign assets to:
- Give up their domestic assets for offsetting
- Issue a financial guarantee to the other spouse
If the spouse refuses to follow the court order, they can be held in contempt of court.
How a legal guide may help
Florida divorces involving global assets have a lot going on. Different countries and different rules; it is an altogether different ball game. However, with the help of a legal guide experienced in divorce cases that involve foreign assets, you may be able to navigate through this complex maze.