Husband Who Hid Assets Faces New Settlement

If you have negotiated a divorce settlement and then find out that your ex-spouse has been less than open when disclosing their personal finances, the court will reopen the matter if there is sufficient evidence to do so.

In a recent hearing, the court was told by the ex-wife of a businessman that he had not been entirely truthful when he had made his financial disclosures. She claimed that her ex-husband had substantially undervalued his assets by claiming that shares he owned in a company had no value because it was not trading, when the turnover was in fact in excess of £50 million. She alleged that the shares were worth more than £700,000.

In addition, she claimed that he had failed to disclose other investments he held that were worth more than £800,000.

The wife successfully applied for the previously agreed financial settlement of £1.8 million to be set aside so that a new settlement, based on the true position, could be negotiated.

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