Financial Non Disclosure
Family and Divorce
In the case of S v S [2013] The Family Division dismissed a wife’s appeal to resume financial remedy hearings due to her ex-husbands non-disclosure.
The couple had been married and had three children. The husband owned approximately 63% of the share capital of a company. During financial remedy hearings the wife disputed the extent of the husband’s shareholding. The husband believed he should retain his shares and that they were non-matrimonial property and he would be building them up for when the company was floated or purchased outright. The husband thought this was unlikely before 3-7 years.
The parties reached a settlement and the wife received £10.3m in cash and properties. The husband also agreed to pay the wife a lump sum on the disposal by him of his shares in the company. The terms were agreed by the order was not sealed.
The wife subsequently applied for the hearing to be resumed on the grounds that her husband had not disclosed a potential Initial Public Offering of the company. The application was dismissed.
Although it was agreed that the husbands evidence had been misleading and dishonest, the non-disclosure was ruled to have not been material to the order already made.
Divorce Solicitors Eastbourne, Hailsham, Polegate, East Sussex
If you would like advice on divorce and financial settlements please contact our Family Law Department for a free initial appointment in Eastbourne 01323 727321, Hailsham 01323 841481 or in Polegate 01323 487051.
