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Divorce and Hidden Assets
In light of the sensational allegations in the Scot Young divorce case parties should be careful to make full and frank disclosure of their assets in divorce proceedings.
The current Scot Young divorce case just highlights the need to be honest about all the assets in divorce proceedings. People need to be mindful that in any divorce case the court has many resources available to trace assets and it is likely that they will be able to find assets if they have been hidden.
Mr Young’s wife alleges that her estranged husband was a secret shareholder in the talent show ‘American Idol’ and has hidden his investment whilst claiming instead that he is £28 million in debt.
As well as the alleged shareholdings, Mrs Young also alleges that her husband owns substantial property interests. She claims that her husband has £2 billion in offshore accounts and tax havens and has used influential friends such as Mr Cash, Sir Philip Green and Simon Cowell to help hide his money. Mr Young denies the allegations. The case continues.
In divorce proceedings, if the court considers that there has been any non-disclosure, it may freeze the offending party’s entire assets and may also make that party responsible for the other party’s costs in the proceedings.
