Subject: Hidden assets in divorce proceedings

Many of us are aware of high-profile divorce cases in which one or both partners have tried to conceal their assets, only for this to come back and bite them. Unfortunately, not only celebrities and high-net-worth individuals try to keep back some of what they deem as “rightly theirs” during divorce proceedings.

A fair settlement

Established family law practices, such as Alun Jones Family Law, will have encountered many scenarios where a separating partner will have tried to conceal their wealth. However, this is never advised.

It can and often will prolong the divorce proceedings, causing more stress and anguish for both sides.

Instead, complete and accurate financial information is needed, and therefore, for both parties to be forthcoming listing all of your assets right from the outset of the divorce process. By doing so you are helping your divorce in two ways: you may shorten the time it takes to reach an amicable resolution.

Yet on the other hand if you have tried to conceal assets, for example, by purchasing a cryptocurrencies, resolving this matter and bringing in independent experts will take up much more time and therefore, more legal costs will be incurred.

Also, any amicable feelings that may have been present between the parties at the start may have been totally eroded, in effect, doing something that could be considered  as “the straw that broke the camel's back”. Therefore, hiding assets is often a surefire way of ramping up hostility between the parties, which is never advised.

Questionnaires and documentation

When you meet with us to discuss matters relating to finances and property, we normally ask in advance for evidence and declaration of all assets. This will help us to robustly defend you and to ensure a fair and equitable financial settlement is awarded.

Forensic accountants

Your partner may carry out many financial transactions and own one or several businesses.

The finances of companies can often be complex. Therefore, sometimes, here at Alun Jones Family Law, we may need to hire an independent forensic accountant to review your partner's finances. This might also be necessary if you were involved with the business as a director.

Statements

Written witness evidence (submitted with the judge’s direct permission)

Sometimes, there might not be any documentation that a partner can lay their hands on to prove their partner owns a particular asset. Yet with written witness evidence, it can become clear that they have knowledge of assets that the partner has tried to put beyond the control of the family courts, therefore trying to circumvent the divorce process.

In some particular circumstances, the judge may request written witness evidence, which we can help draft with your collaboration.

Adverse inferences

It's not uncommon for a divorcing partner to not cooperate, for example, not replying to any letters sent to their home address. They may, therefore, point blank and refuse to cooperate throughout the divorce process. They may even make statements in court or via reply to solicitors' letters or e-mails, such as “no comment.”

This point-blank refusal to cooperate is likely to be considered an “adverse inference”, meaning that, subject to further investigation, the courts may deem that the partner is not cooperating as they are trying to hide assets and keep them away from the divorce process.

Tactful negotiation by experienced lawyers is often key

As you would expect, divorce lawyers will have experienced many cases where a partner has tried and subsequently failed to conceal assets during divorce proceedings.

However, through tactful and diplomatic negotiation, our experienced family lawyers can often focus the mind of that individual, that is by making it crystal clear that trying to hide assets is just a delay tactic. In the end, all the assets will have to be put on the table, and therefore, any attempt to circumvent this process is just delaying and, in effect, that person making life more difficult for both individuals by in effect dragging their heels through the mud.

We are here to help

We can help you throughout the divorce process; we are one of Cardiff's most established family law practices. Do not hesitate to contact the team today for expert legal advice relating to your divorce.