Spousal Stripping

  

Categories: Ethics/Morals

Hey, if you can get them to do it, good for you. Put a pole in the basement and have a good time.

In the financial world, the term "spousal stripping" refers to a debt evasion technique. You’ve built up a lot of debt. The bankers are about to start foreclosure proceedings on your house. To avoid this from happening, you transfer ownership of the property to your spouse, who has no debt in their name.

The maneuver strips your assets and hands them over to your spouse (so...your spouse isn't doing any stripping at all, at least not in this context). The goal is to shield the assets from foreclosure and/or seizure, since they are no longer under your name.

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Finance: What is an offshore account, an...12 Views

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Finance Allah Shmoop What is an offshore account And how

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do you open one Or rather why would you even

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want Teo Here's onshore That's us the US of A

00:15

We have laws and rules which well most people follow

00:19

anyway and we have taxes to pay for our military

00:22

defense and our football stadiums and our congressional mistress Tag

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along travel We're not perfect but show us a better

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place and we'll salute them while we're standing So when

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you hear someone musing about opening an offshore account odds

00:35

are good that they're trying to find a way to

00:37

hide taxes that they probably legally owe to the U

00:41

S Government No this is not always the case Someone

00:43

might be running a small business importing coffee from Guatemala

00:46

and they need a bank account offshore like in Guatemala

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Pay for the beans because you know the Guatemalan being

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selling company does not accept us dollars like really are

00:56

Currency isn't good enough for them Yeah alright skepticism alert

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But it does happen And people do open offshore accounts

01:02

often under very snazzy sounding marketing slogan names by large

01:06

global banks that take extremely high privileges like commissions for

01:10

doing so Offshore accounts aren't illegal and the clever marketing

01:14

that runs behind them include things like uh diversify your

01:18

political risk because the U S Government might go under

01:21

and you should really have an account in the Caymans

01:24

in the Bahamas and Bailey's because well those countries are

01:26

solid Their banking systems are better protected than those in

01:30

the US Oh and there's the lawsuit protections Logan That's

01:33

a good one Like you might do something very bad

01:36

in the US and gets sued for it and lose

01:38

And then the way to make it harder for your

01:41

sewers to collect the money you owe them is to

01:44

squirrel away your money in a foreign bank That makes

01:46

sense And yes it's OK to mumble a muse what

01:48

kind of customer these offshore accounts are attracting And then

01:51

there's the Diversify your currency slogan That's a good one

01:55

Like you need an offshore account to do so Or

01:58

like normal people should even begin toe worry about diversity

02:02

defying their currency exposure A meaning like the presumption is

02:06

that the average Joe will somehow do better than the

02:08

thirty million dollars a year Wall Street talent who has

02:10

actually trained on howto invest in currencies around the world

02:14

by diversifying well buying New Zealand and Aussie dollars to

02:18

do better than American dollars in some meaningful way You're

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really kind of bet the ranch on that Uh yeah

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Not bloody likely So don't forget the access to medical

02:27

care argument That's always a good one The hi fi

02:30

banks will plant all kinds of worry warts on your

02:32

brain that somehow you can't get the medical care you

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need in the US And yes it's a slog here

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but that somehow having an off shore account you know

02:42

I don't know that Philippines will give you better medical

02:45

care access Really Yeah They market that in people who

02:49

can read actually buy in Well the implication here is

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that you broadly get peace of mind or the ability

02:55

to transact globally by having one of these very expensive

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accounts housed in the Isle of Man or Jersey or

03:02

some other foreign shadow country Yeah you know the saying

03:05

if it quacks like a duck and walks like a

03:07

duck Yeah probably a goose Offshore accounts If you do

03:10

get one you'll want your club card so you can 00:03:12.78 --> [endTime] always get into here

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