Don't keep Finance Secrets when negotiating your Divorce Settlement

Keeping financial secrets from your ex when negotiating your Divorce and agreeing on a financial settlement could come back to haunt you, as a recent case showed

MR Young jailed for ‘flagrant’ contempt of court because of his failure to disclose evidence of loss of assets

Mr. Justice Moor has jailed Mr. Young for a 'flagrant' contempt of court in the long-running financial remedy proceedings with his former wife, Mrs. Young

Mark Mosley comments “Thankfully being jailed for not disclosing assets is not a common occurrence. Sure non disclosure happens in some cases. Usually its genuine forgetfulness about an old policy or pension so it goes by with the court simply ordering that asset be formally disclosed and valued.

Sometimes it is wilful, a Party simply leaves something out of the initial disclosure process deliberately in the often vain hope that the other side doesn’t know about the particular asset and will not discover it from the disclosure made. If the other side do know then they raise the issue and it is then disclosed with some thinly veiled apology and the case progress.

In a very small % of case non disclosure is discovered and the defaulting party is punished by the Judge making a cost order against them. Rarely is someone so wilful in their attempts to prevent the court from undertaking a fair judicial assessment. When this occurs the individual in question often loses sight that it’s the Court that has ordered the disclosure not the other side. The Judge has said it is required so the Judge can fulfil the judicial obligation of assessing all the evidence fairly. More often than not the defaulting party has such disrespect and hatred of the other side they lose all sense of objectivity. It’s clear Mr Young own action has led to his imprisonment but he has also destroyed his relationship with his children as a result of some misguided thinking that what he is doing is hurting his ex wife.“

Mark added “In the overwhelming majority of cases disclosure is full and frank and as a consequence good family solicitors can more often than not assess it advise and successfully negotiate a settlement.”

For further advice or information about Divorce and Finances you can go to our Divorce and Finances page within the Divorce and Family section or pick up the phone to talk to Mark on 0800 310 2000.