Divorce – Fail to disclose assets at your peril.

The recent Judgments by the Supreme Court in favour of Alison Sharland and Varsha Gill make it abundantly clear that if one party deliberately fails to disclose their assets within divorce proceedings then any order made can be overturned and a new settlement reconsidered.  Such behaviour is regarded as fraudulent.   Family solicitors constantly advise clients that they are under a duty to completely and honestly disclose their true financial positions.  Failure to do so can lead to protracted litigation and a substantial increase in legal costs which inevitably reduces the pot of money available to be shared. These Judgments should be a clear deterrent for anyone contemplating trying to hide their assets particularly as such behaviour, even it comes to light years later, can lead to financial orders being reopened.

Although it is suggested that this ruling will open the floodgates, as across the country divorced wives (and husbands) dig out and examine their old financial orders , it is worth remembering that a  Court will only alter the terms of an order if the concealment would have made a “substantial” difference.

Just make sure, if you want a good night’s sleep, to take note of your solicitor’s mantra that you have to disclose everything!

If you wish to discuss any matters relating to family law, divorce, separation or cohabitation rights, please contact Jane Barclay on 0121 643 5531 or email jvb@coleyandtilley.co.uk