A family law expert has warned of the importance of honesty over financial matters after a landmark court case which has seen two ex-wives demand larger divorce settlements, arguing their husbands concealed their wealth.
In the case, the two women claim that their husbands hid wealth totalling tens of millions of pounds, with their divorce settlements handing the ex-wives a fraction of this amount.
Now the Supreme Court is to decide whether the original divorce settlements should be overturned, setting a legal precedent.
Helen Lucking, partner in the Family team at Napthens solicitors, said: “There is a duty on both parties in divorce proceedings to give full and frank disclosure of all circumstances relevant to deciding the case.
“Failure to do so means that the court cannot properly exercise its discretion and the parties cannot make a fully considered decision before deciding whether to settle the case.
“This Supreme Court case will be watched with interest to see if a new precedent is set in the way the court approaches cases where there has been non-disclosure.
“It acts as a stark warning to wealthy couples who may be going through a divorce.”