Family Law Issues the Same the World Over

We may be separated by half of the globe but similar Family Law issues crop up for lawyers in England and Wales as they do in Australia. Family lawyers and corporate lawyers in England and Wales have been waiting anxiously for a decision that has just been handed down by the Supreme Court in England and Wales in a Case called Petrodel v Prest.

The case involved very large sums of money and a husband who did not provide full and comprehensive disclosure of his assets, and who argued before the court that a number of very valuable properties were owned by companies rather than by himself and he said were therefore not part of the pool of assets available for distribution between him and his wife.

The Supreme Court in England and Wales rejected the husband’s argument, described his behavior as being characterised by “persistent obstruction and mendacity” and concluded that the multi-million-pound property settlement for the wife should be upheld and that even though a number of multi-million-pound properties were registered in the name of the husband’s companies, that they should still be transferred to the wife. The Court’s decision was based on a finding that the companies held the properties in trust for the husband.

This case will doubtless be of considerable interest to family lawyers in Australia. The decision confirms that parties to family law litigation who fail to provide full financial disclosure will often find that the court will make a decision that they do not like and that in certain circumstances, the court will decide that assets are actually owned by one of the parties, even if the legal title is registered to another entity.

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Frequently Asked Questions.

What was the Petrodel v Prest case about?

The case involved a wealthy husband who did not provide full and comprehensive disclosure of his assets during a divorce settlement. The husband argued that valuable properties were owned by his companies and were therefore not part of the pool of assets available for distribution between him and his wife. The Supreme Court in England and Wales rejected this argument and concluded that the properties should be transferred to the wife.

What does the Petrodel v Prest case mean for family law in Australia?

The case highlights the importance of full financial disclosure in family law litigation and the potential consequences of failing to do so. The decision also confirms that in certain circumstances, the court may decide that assets are owned by one of the parties, even if the legal title is registered to another entity.

What is financial disclosure in family law?

Financial disclosure is the process of providing full and comprehensive information about a person’s financial position, including assets, liabilities, income, and expenses. This information is used to determine the division of property and financial support arrangements in family law cases.

What are the consequences of failing to provide full financial disclosure in family law cases?

Failing to provide full financial disclosure can result in the court making decisions that are not in your favour, as seen in the Petrodel v Prest case. It can also result in legal consequences, such as being held in contempt of court and can damage your credibility and reputation in court.

How can a family lawyer help with financial disclosure in family law cases?

A family lawyer can help you understand the financial disclosure requirements in family law cases, prepare and provide the necessary documentation, and advise you on how to comply with your legal obligations. They can also represent you in court and help you navigate the legal process.