In the recent case of Goddard-Watts v Goddard-Watts [2019] the Court set aside a final financial Order because of the husband’s material non-disclosure of valuable assets.
The parties divorced in 2010 and a Consent Order was made in June 2010. The wife however discovered that the husband had failed to disclose that he was the principle beneficiary of two valuable trusts and in 2016 she successfully applied to set aside the Financial Order made in 2010.
In 2017, upon the sale of a business of which the husband was a majority shareholder, it became apparent that the value of the husband’s shares disclosed previously was a roughly £65 million less than the true value.
Upon learning this the wife made a second application to set aside the previous Order on the grounds that there had been another material non-disclosure by the husband. The wife succeeded in her application and the Order has been set aside.
This case reiterates the point that during financial remedy proceedings it is vital that a full and frank disclosure of a parties’ financial resources are made so that a fair settlement can be achieved, and that the Court will not tolerate a failure to do so.
If you are concerned about any of the issues raised in this article or any other matrimonial matter please contact our experienced Family Department on 01524 846846.
