Divorce Case for Wife in Family Owned Business Successfully Concluded
30 June 2013
During the marriage the husband had managed the couple’s financial affairs and they had enjoyed a very nice lifestyle, travelling abroad at least three times per year. When they exchanged financial statements the wife was extremely concerned that the husband was guilty of non disclosure or at the very least had played down the success of the family business.
Divorce Solicitor Lorraine Harvey advised the client that the Court is duty bound to consider the husbands alleged conduct by drawing adverse inferences as to whether funds had been hidden. Those inferences must be reasonable and if the Court does find that funds have been hidden then it should attempt a realistic and reasonable quantification of those funds.
The Court will look at the scale of business activities and at lifestyle and can then estimate valuations and if it’s to the husband’s detriment then he only has himself to blame.
We then instructed an accountant. The accountant was able to provide a simple ‘desktop’ valuation of the business interests, which was cost proportionate to the assets of the case. We were able to present this to the Judge at the first hearing. We then went on to instruct a forensic accountant to determine whether he was deliberately concealing assets within the business, which was cost proportionate to the assets of the case.
Lorraine settled the divorce case at the next hearing, as we were able to present the case to the Court which was supported by expert evidence from our accountant. Lorraine said "I managed to secure the family home for my client together with on-going maintenance for her and for the children. The maintenance can be varied, should the parties personal financial circumstances change in the future".
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