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A Billionaire Uses Trusts To Hide Money In His Divorce

If you are getting divorce in California and there are assets involved, what is happening to Marie Bosarge should frighten you. The wife of a billionaire may be completely shut out of receiving her share of a very large marital estate because her husband legally moved nearly all of their assets to a state that promotes extreme secrecy and protection for the assets of the super-wealthy.

Couples will exchange information about assets

Each divorcing couple will have a point in the process where they need to exchange information about their property and its valuation. In a divorce, this is known as the marital estate, and it is divided between the parties based on the agreement that they will reach. One of the real dangers in a divorce is that one spouse will either hide assets or deliberately undervalue them to end up with more for themselves.

Ed Bosarge took advantage of the laws of one state

Most times, courts will have a very negative reaction to this practice. However, Ed Bosarge moved practically all of his money to South Dakota before the divorce had begun. He was obviously preparing for the divorce but had told his wife that he had the assets there to avoid paying taxes. South Dakota law did not require Ed Bosarge to inform his wife that he had switched beneficiaries of the trusts to someone other than her. Now, she is largely prevented from touching the money and has had to sue her husband because the marital estate has been reduced to $12 million.

When there are assets at stake in a divorce, you need a divorce attorney on your side to make sure that you receive what you deserve in the asset division process. If your spouse is engaging in any type of questionable behavior when it comes to marital property, your attorney may fight to learn more about their assets and will follow the money trail. If they discover hidden assets, they could bring it to the attention of the judge for their action.

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