Divorce proceedings can often be bitterly contested, especially in cases where a party has under declared their income or hidden assets in order to keep the benefit from their spouse.
Such circumstances can arise where one party has supervised the family finances and the other may be at a disadvantage as regards their knowledge of their former partner’s wealth.
The Supreme Court recently considered this in the case of AA v AB, a situation where a husband deliberately concealed from his former wife four assets with a total value of over €5 million.
The man’s conduct was described as ‘consciously and deliberately dishonest’ by the Court and it was ordered that the man pay his former wife a further €2.5 million over the divorce settlement.
Full and frank disclosure of assets is essential to the success of any divorce or separation agreement. Failure to do so may result in the marriage settlement being set aside if the dishonesty is uncovered, and the offending party may find themselves prosecuted for perjury.