Spotlight
Family Law Awards 2020
Shortlist announced - time to place your vote!
Court of Protection Practice 2020
'Court of Protection Practice goes from strength to strength, having...
Jackson's Matrimonial Finance Tenth Edition
Jackson's Matrimonial Finance is an authoritative specialist text...
Spotlight
Latest articles
Practical aspects to assessing competence in children
Rebecca Stevens, Partner, Royds Withy KingThis is an article regarding the practical aspects to assessing competence in children. The article explores a range of practicalities, such as meeting a...
Scrumping the crop of recent pension decisions
Rhys Taylor, 36 Family and 30 Park PlaceJonathan Galbraith, Mathieson Consulting2020 has thus far proved to be a memorable year for all the wrong reasons, but nonetheless it remains an interesting one...
Conduct in financial remedies – when is it now a relevant consideration?
Rachel Gillman, 1 GC/Family LawThis article provides an overview of all aspects of financial misconduct following the recent decision of Mostyn J in OG v AG [2020] EWFC 52, wherein all aspects of...
The treatment of RSUs/Stock Options in light of XW v XH
Peter Mitchell QC, 29 Bedford RowStock Options and Restricted Stock Units (RSUs) are frequently encountered by the Family Court when dividing property on divorce or dissolution of a Civil Partnership....
Hundreds of thousands of companies worldwide fall victims to hackers every year. Is your firm one of them?
SPONSORED CONTENT Image source: Information is beautifulYou and other lawyers and legal assistants in your firm likely have accounts on the hacked websites listed in the image above. If a hacker...
View all articles
Authors

Blog post: What assets do I disclose in my divorce?

Jan 31, 2019, 08:01 AM
Slug :
Meta Title :
Meta Keywords :
Canonical URL :
Trending Article : Yes
Prioritise In Trending Articles : No
Date : Jan 31, 2019, 08:00 AM
Article ID :

Do I have to disclose all of my assets as part of my divorce? James Ferguson, partner and head of family law at Boodle Hatfield, and Katie Male, associate, look at the details.

The short answer is, yes.

Before the Family Court will approve a financial order setting out who gets what on a divorce, it must be satisfied that both spouses have complied with their mandatory duty to give full and frank disclosure of their financial and other relevant circumstances to each other and to the Court. This will include disclosure not only of any assets that you legally own, but also those in which you have a beneficial interest or of which you otherwise enjoy the use.

The penalties for non-disclosure can be severe. Where there is evidence to suggest that a party has deliberately or recklessly withheld information, at the very least the Court may draw adverse inferences against them while proceedings are ongoing. In more extreme cases, that party could find themselves with a previous order being set aside or even criminal proceedings being brought against them.

Do I have to disclose foreign bank accounts as part of my divorce?

Yes, the duty of full and frank disclosure extends to assets and income held or received in any jurisdiction.

If I move all my assets offshore, will this protect them on a divorce?

It doesn't matter where the asset is located - its existence (and its value) must still be disclosed and, in all probability, it will have a bearing on the terms of any financial settlement or order.

In any event, it is not advisable to attempt to move your assets or alter the ownership thereof in the period leading up to a divorce as this could be interpreted by the Court as an attempt to defeat your spouse's claims, for which you could be heavily penalised. As part of financial remedy proceedings, you will be expected as a minimum to disclose the last 12 months' worth of bank statements for your worldwide bank accounts, which would reveal any last-minute attempts to rearrange your affairs.

Find out more about our high net worth divorce solicitors here

James Ferguson, partner and head of family law
Katie Male, associate
Boodle Hatfield


Categories :
  • Articles
  • News
Tags :
divorce_rings
Authors
Provider :
Product Bucket : Family Law (General)
Related Articles
Load more comments
Comment by from