When you divorce, you must both provide full and frank disclosure of your financial situation. If it is later discovered that one person failed to disclose certain assets, the courts can amend the financial settlement to reflect the true position of each party.
Full and frank disclosure in divorce
During divorce proceedings, each person must state what assets they hold, along with any other earnings, income or inheritance they have received in the previous three years. This is known as financial disclosure and it must be done on a ‘full and frank’ basis. In other words, you cannot lie. Nor can you hide or dispose of assets.
The purpose of this disclosure is to verify the financial position of each party. This information enables the courts to decide on a fair financial settlement. Otherwise, the court is not equipped with the facts, and so cannot make a true assessment. This may result in one person being unfairly denied financial provision.
Hidden assets in divorce
Once divorce proceedings are finalised and a financial settlement has been determined, it may become apparent that one party had been hiding assets. Sadly this does happen, as some people conceal significant assets, with the aim of skewing the court’s decision. These findings may be uncovered months, years or even decades after the divorce.
This is exactly what happened in a high-profile case which concluded in 2014. A woman brought legal proceedings against her ex-husband when she discovered he had failed to disclose assets prior to their divorce proceedings. The Supreme Court agreed that he had ‘consciously and deliberately’ hidden approximately €5.6 million worth of assets. The woman sought further financial relief and was awarded €2.26 million.
Divorce solicitors Ireland
If you are concerned that your husband or wife is trying to conceal assets during divorce proceedings, please contact us at Mullins & Treacy Solicitors. It is important not to conduct your own investigations, as it may not be possible to use the evidence you collect. Instead, we can use the proper legal channels to ensure full and frank disclosure is achieved.
Alternatively, if the divorce has already concluded but you have reason to suspect that your ex-spouse concealed assets, we can help you. We can apply to have divorce proceedings re-opened on the basis of new information. This may result in any current orders being set aside and new orders (based on the true facts) being created. You may also be awarded a costs order.
We understand how important it is to receive proper financial provision when you divorce. At Mullins & Treacy Solicitors, we can help you achieve a fair financial settlement. We are client focused and results driven.
Call us on 051 391 488 or email email@example.com for a no obligation enquiry.
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