Love has no borders, of course, which may help explain why it’s not just the economy that’s gone global. To hear estate and tax planners talk, cross-border marriages are skyrocketing – along with a host of international estate and tax-planning headaches. All told, nearly five million Americans in 2010 were married to someone who was born in another country, twice as many as in 1960, according to the Minnesota Population Center.
Other countries have had similar jump. Not surprising, one of the biggest complications for cross-border couples is dividing everything up if it all ends in divorce. Calculating the right tax deductions for spousal or child support, or enforcing custody rules, becomes increasingly difficult when one partner moves back to their country of origin. The enforceability of prenups varies across the globe, but such agreements can help when there are specifics about property division.
Partner, Geoff Wilson discusses the implications and difficulties associated with Cross Border [Prenuptial] agreements, and what options exist if find yourself in a similar situation.