New hearing following nondisclosure of assets
The divorce proceeding of a millionaire businessman that was held up in High Court is now set to continue after a landmark decision was announced in the Supreme Court that may affect divorce settlements where a spouse has lied about the extent of their wealth. The decision, which may be applicable to divorcing couples in Bedfordshire, means that, if a spouse can be shown to have hidden substantial assets, a judge is able to make a new settlement.
The case that was heard in the Supreme Court centred around two women, aged 48 and 50, who had claimed that their husbands had lied in their divorce proceedings about the extent of their wealth and were seeking a renegotiation of their financial settlements. The decision by the justices to approve their set aside applications means that their spouses will need to go through divorce proceedings for a second time so that the courts can reassess their finances.
The case that was delayed in the Family Division of the High Court awaiting this judgment involved a property magnate who had said that he was worth £20 million. His wife claimed that he had lied about the valuation of his shares and was seeking to overturn the agreement that had been made last year. The Supreme Court judgement means that her case will be allowed to continue and that she may be entitled to a much higher settlement.
It is important during a divorce proceeding that both spouses provide a full disclosure of the extent of their finances in order to reach a fair settlement regarding the division of marital assets. A person who is concerned that their spouse may not have fully declared their financial interests may wish to consult with a solicitor familiar with the implications of the landmark ruling by the Supreme Court.
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