Why do I have to tell my ex partner my full financial position?
Divorcing couples have a duty to provide full financial disclosure to their soon to be ex.
If a party fails to provide full financial disclosure the Court can impose penalties upon that person. These penalties range from cost orders to imprisonment for contempt of Court.
In a recent case (Gohil v Gohil), the Supreme Court set aside a Financial Order on the basis that Mr Gohil had failed to provide full disclosure. The case came before The Supreme Court 11 years after the original Order was made in 2004. Due to the non-disclosure, the Supreme Court set aside the original Order.
If a party tries to hide assets or fails make full disclosure, they run the risk that the Financial Order will be set aside by the Court. This could be a costly exercise for the person deemed not to have made full disclosure. Not only are they likely to be ordered to pay an increased sum to their ex, they will almost certainly have to pay their own and their ex's costs of the case.
If you consider that your former partner may not have made full financial disclosure, you should immediately seek legal advice whether or not you have already entered a final financial settlement.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.