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Finances on separation - Cara Nuttall discusses the importance of full disclosure

There was a report in the metro this week about a New York couple locked in dispute about how the value of the wife's $1million shoe collection should be treated within their Divorce settlement.The report claims that although the couple reached a settlement some time ago, the wife failed to declare the value of her extensive collection and that as a result, her husband now seeks to reopen Financial Matters on the basis of non-disclosure.  Whilst English and American Divorce law differs, the principles highlighted would still apply over here, and the case highlights the need for full and frank disclosure during the process, as failing to declare an asset can be grounds for the original settlement to be set aside. On a lighter note, the case also highlights the varied nature of a divorce lawyer's day - one minute you can be valuing houses, planes and cars, the next jewellery and designer shoes!By Cara Nuttall, Family Law Expert