Financial Remedy Proceedings Remitted to High Court
The Court of Appeal has set aside a financial remedy order in a divorce between a wealthy couple, finding that it was necessary for the case to be reheard. ...
Continue readingIf you have negotiated a divorce settlement and then find out that your ex-spouse has been less than open when disclosing their personal finances, the court will reopen the matter if there is sufficient evidence to do so.
In a recent hearing, the court was told by the ex-wife of a businessman that he had not been entirely truthful when he had made his financial disclosures. She claimed that her ex-husband had substantially undervalued his assets by claiming that shares he owned in a company had no value because it was not trading, when the turnover was in fact in excess of £50 million. She alleged that the shares were worth more than £700,000.
In addition, she claimed that he had failed to disclose other investments he held that were worth more than £800,000.
The wife successfully applied for the previously agreed financial settlement of £1.8 million to be set aside so that a new settlement, based on the true position, could be negotiated.