30 January 2011
The Importance of Full Financial Disclosure in Divorce
It's been reported that an oil technology millionaire has been ordered by The Court of Appeal to increase his wife’s divorce settlement from £5 million to £8 million.
The payment of an additional £3m to the wife comes as a result of the husband failing to disclose the true value of the company he sold in 2007. The husband sold the company for £32 million, of which he received £25 million. The husband had originally dishonestly valued the company at £3 million in his sworn statement. Although he gave full details to the Court after an Order for Disclosure, the millionaire went on to argue that the company’s value when the parties separated in 2006 was significantly less.
The Court of Appeal Judge said that the original High Court ruling that £15 million of the assets from the sale of the company were not generated during the marriage was flawed. The Judge ruled that £9 million of the assets belonged solely to the husband because they were generated before the marriage in 1996; leaving £16 million to be shared. The three Judges at the Court of Appeal found that the wfe should receive half. The wife had originally sought £10 million.
Georgina Chase is a Family & Divorce Solicitor at Slater and Gordon Lawyers in Manchester. For a free initial consultation about finances in divorce or any family law issue, call freephone 0808 175 8000 or contact us online.
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