Panama Papers Reveal How Wealthy Hide Assets in a Divorce
Uncontested Divorce Mediation
Posted April 22, 2016
The world is currently fascinated with revelations in the so-called “Panama Papers,” which are documents that were leaked from a prominent Panamanian law firm that specializes in creating shell firms and various other devices for sheltering money belonging to some of the world’s wealthiest and most powerful people.
The documents reveal how the wealthy hide their assets. Of particular interest is this story from McClatchyDC, which investigates the tactics fabulously wealthy individuals use to hide their money from divorce courts.
The Panama Papers show that Russian oligarchs and other rich individuals use offshore tax havens to hide their money, making their net worth appear much less impressive than it actually is.
These clients would set up shell corporations to buy art work and other high-value assets, all in an effort to keep those assets from the hands of their countries’ divorce courts.
The machinations of the uber-wealthy might seem distant and of little interest to you, but they do show just how important transparency and respectful communication are during a divorce. At Split Simple, our objective attorney-mediators will pursue an equitable division of assets with an eye toward treating both parties fairly.
If you’re a resident of Denver, Boulder, Aurora or any other Colorado community and you want to handle your divorce outside of the courtroom, please call Split Simple today at 855-665-9920 for a free consultation.