Hiding assets in divorce proceedings
On the 14 October 2015, the Supreme Court heard appeals by Mrs Sharland and Mrs Gohil and reviewed the impact of non-disclosure in financial proceedings.
In both cases, the appeals were unanimously allowed on the basis that their respective husbands had been hiding their true wealth.
The Supreme Court made it clear that an agreed financial settlement would be set aside in these circumstances and that the duty of honest financial disclosure is a duty to the Court.
Time will tell whether these wives will receive more generous settlements as a rehearing of their claims is a consequence of this decision. However, costs penalties will always be paid by the non-disclosing party and the public nature of this decision should also act as a deterrent.
Kim Beatson is a family law specialist with a particular expertise in financial matters. For further advice, please contact her at email@example.com, direct line: 020 7940 4011.