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The Supreme Court effectively ripped up a “cheat’s charter” earlier this week, that had previously enabled wealthy spouses to hide assets from their ex-spouse, in a bid to reduce a divorce settlement.

This follows from our previous blog, (can be read here) that opened the door on rich tycoons, like Michael Prest, 51, founder of the Nigerian oil firm Petrodel, who hid a number of his properties and concerns through overseas trusts in order to avoid a high settlement to his wife Yasmin.

In this landmark ruling, the High Court, ordered the Nigerian oil mogul to hand over a multi-million pound property portfolio to his ex-wife, even though these properties were owned by an offshore Company.

Law firms across the UK welcomed the decision as a ‘blow against cheating spouses’ who seek to evade their responsibilities using corporate structure".

Claire of Vines Legal in Chesterfield comments “This landmark ruling means that business men and women cannot deliberately ‘hide’ assets in Companies to protect them in the event of a marriage breakdown.”

“Although assets may be owned by a business this case clearly demonstrates that the Court can and is willing to shake the corporate veil, in order to get at the assets.”

If you are thinking of filing for a divorce and are concerned about how you will be affected, please call the team at Vines Legal on 01246 555 610 for a free 30 minute, no obligation, consultation.

By Claire Clark on 24 Jun 2013, 09:52 AM

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