There often can be various concerns with divorcing couples over the value of assets either through depreciation, or by spouses wishing to protect their assets generally from the other spouse when divorcing.
Where there are concerns that one party is potentially concealing assets within divorce proceedings, it is always worth discussing these concerns with your family lawyer who can have an initial discussion with specialist accountants who deal with forensic investigations and asset recovery.
If there is limited information about a spouse's assets, or there are suspicions that assets may have been hidden or misappropriated, specialist family lawyers and investigative accountants can work together to trace and identify any potential assets, either within the UK or in offshore jurisdictions, and to assess the potential recoverability.
When one spouse suspects the other of dissipating or concealing assets, this can put an extra strain on what may already be an acrimonious divorce. If clients believe that they have full transparency about what and where their spouses' assets are, this will enable them to make informed decisions when negotiating a financial settlement within divorce proceedings.
Some of the services that can be offered for the identification and protection of assets within divorce proceedings are:
• Corporate intelligence services -where one spouse thinks there may be hidden assets or trust structures in place within the UK or offshore jurisdictions. Specialist intelligence and research reports can be prepared through the use of multiple UK and global databases. Assets can be identified and/or missing information supplied, and this may be significant when considering or filing divorce proceedings.
• Valuation services- If a spouse is aware of any corporate asset structures, then a specialist forensic valuation team can value businesses across all business areas and jurisdictions.
• NCDR is now becoming more prevalent However, one of the biggest issues is often agreeing valuations of assets. An independent valuation can be provided by one expert for both parties.
• If the divorce becomes acrimonious and there is a risk of dissipation or losing control of assets or corporate structures, then a strategy can be formulated to secure the assets to be sure that they are available and paid out under the agreed terms of any financial Consent Order.
• Recovery of assets can also be investigated in order to find any assets that may have become dissipated following the financial Consent Order being agreed and sealed by the court.
If there are any concerns about the concealing of assets or dissipating them beyond the reach of a party to minimise any financial award within divorce proceedings, it is worth a conversation with specialist family lawyer, and or an investigative accountant to advise whether they can assist in alleviating your concerns or indeed assist with securing or recovering any assets that may have been concealed, so that the fairest financial outcome is achieved.
If you are looking for assistance in divorce, financial settlements or any other family law issue, Turner Nicholson provides tailored and sensible legal advice.
Please contact the firm on 0207 336 6000 for the London office, 01327 263 950 for the Banbury office or email mail@turnernicholson.com formore information.
The material contained in this article is provided for informational purposes only and should not be construed as legal advice on any subject matter. The content of this article contains general information and may not reflect current legal developments, verdicts or settlements.
Author: Emma Easton
Dated 26 February 2025