Failing to Provide Financial Disclosure
When a married couple are divorcing, they will be asked to provide and exchange full and frank financial disclosure.
Typically, as lawyers we would expect to see information such as:
- Valuations of properties
- Mortgage details
- Life insurance policies
- 12 months bank statements for each account
- Details of debts
- Pension CETV
- Wage slips
- P60
- Company accounts
Occasionally, we come across an opponent who is either withholding disclosure, or who has spent cash lump sums or who has hidden assets (and sometime all three!) to prevent fair negotiation and settlement.
However rarely do these spouses get very far in their endeavors. In my many years of practicing financial matters, I have:
- Traced a significant cash lump sum of money, which the other spouse claimed had been spent. It was in the boot of a car.
- Successfully encouraged the court to draw inferences from the other spouses life style, against what their limited disclosure.
- Proven that bank accounts and assets have not been disclosed.
- Proven that the assets or income are far in excess of what the other spouse claims they are worth.
Not only does this make the other spouse look somewhat dishonest before the court, it can and does result in significant costs orders being made against them. And, if income or assets are discovered after an Order has been made by the court, it can invalidate that court order and again, result in costs orders.
My advice to clients is always “be truthful and we can deal with it”.
Here at Lawson West, we have a team of dedicated family solicitors who can assist you. Contact us for more information, or for a no obligation initial discussion about your circumstances.
If you believe you have a situation where you require legal advice, please contact us on telephone 0116 212 1000 or 01858 445 480, alternatively complete the free Contact Us form and we will get in touch as soon as possible.
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