Tuesday, August 25, 2009

The Ex-Wives Club of UBS Tax-Evaders

From the Wall Street Journal:

Let’s say you are a multimillionaire divorcee. You cleverly hid half your assets from your wife during the divorce settlement 10 years ago by stashing them in Switzerland.

So while she is scraping by on $20,000 a month in alimony, you are living large off the monthly cash flow from Zurich.

Now comes the UBS settlement, and the naming of the names.

An article in Time magazine quotes New York divorce lawyer Raoul Lionel Felder saying he is getting calls from multiple clients who want to know what they can do to get their share of the cash they suspect their ex–loved ones secreted away in Switzerland.

“You see allegations of Swiss bank accounts in divorce proceedings all the time,” says Felder, whose clients have included Rudy Giuliani and Robin Givens. “A lot of divorces are going to get opened up.”

And it doesn’t matter when the divorce took place. There is, apparently, no statute of limitations for divorce in most states, so even divorces of 30 years ago could be resurrected.

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