Aug 16, 2016

Family Courts & Asset Determination

The Family Court in Australia adjudicates disputes between partners, custody of children, and other family matters. Like other courts of law, it may only consider evidence presented. It is of the utmost importance that a family court is aware of interested parties’ assets, before deciding on their distribution, and maintenance responsibilities for minors. Asset determination can have a huge influence on the welfare of children under single parent custody.

Fair Asset Determination versus Intentional Concealment

In an ideal world, estranged parents play open cards in the interests of their children. In reality, the emotional pot simmers for a long time before it boils over, affording the parties opportunities to conceal their income and their wealth. One way to do so is to siphon profits, bonuses, and other windfalls to a discretionary trust under control of a third party, who may be a trusted friend or secret lover.

Other Ways to Conceal Money from a Family Court

Another possibility is salting money away in secret account in the name of third parties. The so-called Panama Papers scandal reveals how easy it can be to incorporate shell companies in remote places. The only purpose of these companies is to hide funds away from tax authorities and others with a stake in them, in order to preclude comprehensive asset determination.

Discretionary trusts are legal in Australia. These are under nominal ownership of trustees who may only distribute the profits and the proceeds to nominated beneficiaries. Although subject to audit, trust managers can release finds outside the formal sector, for example through prepaid debit cards by MasterCard and VISA accessible at any participating ATM.

Precious metals, old coins, and postage stamps are another way to conceal wealth. Websites like Bullion Vault provide peer-to-peer opportunities to exchange cash for gold and silver bars, and redeem the capital equally in due course. Australia has its own home grown schemes such as Reserve Vault that solves the problem of where to store the bullion until it is time to retrieve it later.

How to Bottom Out on Your Partner / Ex Partner’s Wealth

QLD Covert Investigations works in close cooperation with a team of forensic auditors. We form an powerful asset determination team when our investigative skills combine with their accounting talent. To learn more about these specialist private invetigation services click on the link , call 1300 553 788 or visit our website contact page.

 

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