23 October 2015
Divorce Settlement Re-Evaluation for Property Millionaire
Property millionaire, Giles Mackay, will have his divorce settlement re-evaluated after he allegedly lied about the value of his assets.
The founder of affordable housing provider Assettrust and analytics website Hometrack may have to give his ex-wife, Caroline a significantly greater financial settlement on divorce than was initially awarded last year.
When their original financial agreement was reached in November 2014, Mr Mackay said that his assets were worth £20 million. Ms Mackay is now looking to prove that Mr Mackay was lying about the value of his assets to the extent that a judge would have made a different financial order. If Mr Mackay undervalued how much his stake in the property data firm was worth at the time the couple reached their financial settlement, the original agreement could be set aside and a greater award made.
Recent decisions made by the Supreme Court involving Charles and Alison Sharland and Bhadresh and Varsha Gohil have established that divorce settlements can be set aside and renegotiated due to material non-disclosure of financial information in divorce proceedings. Mr Sharland lied about the value of his tech company and Mr Gohil hid his true wealth from the judge during divorce proceedings and now as a result the financial settlements that they agreed with their ex-wives will be revisited.
The Mackay case was put on hold in order to wait for the ruling in these two precedent-setting cases. This has opened the door for divorcees to renegotiate their divorce settlement if their partner lied about how much they were worth at the time. It is believed to be the first of many cases where divorce settlements will be revisited due to failure to provide full and frank financial disclosure.
Slater and Gordon Family Lawyer Fiona Wood said, “Lawyers tell clients that they must provide full and frank financial disclosure within their divorce proceedings. However, if they ignore this advice the Supreme Court decisions in Gohil and Sharland will have significant repercussions upon them and the financial settlements that they thought were final and binding. Mr Mackay is likely to be one of many whose financial disclosure will be closely reanalysed by their former spouse with a view to their financial settlement being set aside and renegotiated.”
If your financial settlement needs renegotiating following the Supreme Court ruling about material non-disclosure of financial information, call the Divorce Solicitors at Slater and Gordon Lawyers on freephone 0800 916 9055 or contact us online.