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Hidden assets on divorce

Why do I need to think about protecting my family’s assets?

Most cases on divorce are sorted out by agreement, and both spouses are happy to disclose what their finances are – openly and honestly. This is essential, as it’s only when you both know what there is to divide that you can work a fair split might look like.

However, sometimes one or the other spouse is tempted to hide assets and not disclose them. You or your partner may even panic at the prospect of a divorce and try to dispose of assets – perhaps by transferring them into the name of another or by drawing down the equity on a property and spending or transferring the proceeds.

If that happens, the courts have wide powers to ensure that there is full financial disclosure and that the assets are preserved. If one of you is found to have hidden an asset then the courts take that very seriously. The person doing it can be penalised, for example by being ordered to pay the other side’s legal costs (which can be very substantial) or by being given a less favourable settlement. The courts also have powers to prevent assets being transferred or to get them back after a transfer. If it is found out at a later date that you or your partner did not disclose all of your/their assets, the court can re-open the financial case and make a different order.

MaximizeWhat should I consider first?

MaximizeAre there limitations on what I can do to obtain documents or information?

MaximizeCan I access my partner’s computer?

MaximizeWhat should I do next?

How to communicate effectively

To help you to communicate effectively with your former partner when resolving disputes, we have partnered with iMA Strategies to identify which communication and engagement style you have. 

> Take the questionnaire