Divorce dilemmas for directors 2 – Hiding assets
November 28th, 2013
If you, or your spouse, are a company director and you are on the brink of a divorce, you may naturally be concerned about protecting your business assets.
In this series of blogs, Laura Lambert of Ansons Solicitors family team in Cannock Staffordshire helps you solve the many dilemmas you may face about your divorce and the future of the business and your assets.
No matter how tempting it may be, do not transfer shares or other assets.
Whether it is to fellow shareholders or family members, hiding your assets or minimising the assets available for distribution between you and your partner is severely frowned upon by the court. The court has the power to reverse the transfer of assets and return them back to you. Moving assets prior to separation might even persuade a court to award your partner a higher cash settlement.