In divorce proceedings, both husband and wife are legally required to fully disclose their assets to the court for consideration in the financial resolution of the separation, state CurryPopeck solicitors.Property and assets, whether acquired before the marriage or during the marriage can all be subject to division in divorce proceedings.
Penalties for improper disclosure of wealth can range from an increased award to the truthful spouse, to even prison time. Despite strict laws, skulduggery has become increasingly more prominent in divorce matters as can be seen in the following recent case involving the ex-wives of two very wealthy men:
The women found that their divorce settlements had been concluded on the basis of wrong information regarding the finances provided by their husbands. A series of legal cases resulted in a decision by the Supreme Court which displays how courts can treat those people who provide misleading information, advice Curry Popeck.
The two women claimed that their husbands had provided false information about their wealth throughout the legal proceedings to divide their respective family assets. As a result the wives had accepted smaller settlements than they actually deserved. The wives therefore asked the Court to set aside the earlier divorce settlements.
In one case, the Court of Appeal found the husband guilty of fraudulent disclosure of wealth, but refused to overturn the settlement, stating that the outcome would not have been significantly different.
In the second case, the court found that the husband had failed to disclose the existence of significant assets, so he was convicted of fraud. The Court of Appeal, however, refused to reopen the divorce settlement.
The matter was then taken to the Supreme Court, which overturned both settlements, which clearly demonstrates that where there is dishonesty in disclosing the true value of assets during divorce proceedings, the courts are likely to order the settlements to be reconsidered.
An important point to note here is that in the cases where a spouse suspects fraudulent disclosure of wealth by the other spouse, dishonesty must be proven. Whilst in these big money cases, shown above, the husbands’ fraudulent disclosure was well evidenced, this may not be as easy to prove on a smaller scale.Therefore, if a spouse in a divorce proceeding believes that their spouse is being dishonest about their finances, the spouse should immediately contact experienced solicitors like CurryPopeck solicitors, to request a court order to compel disclosure to resolve the failure to disclose.
If you would like to discuss more about divorce or any other issues pertaining to divorce or you need advice in relation to other areas of law, such as family law, employment law, dispute resolution and litigation, property and corporate law, Curry Popeck has experienced solicitors in Harrow, Middlesex who can provide you with the best legal advice. Please contact Curry Popeck, by visiting their website-http://www.currypopeck.com/