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Financial Settlement

Financial Settlement
February 25, 2020 05:44PM
Hi All,

Just came to know that my wife transferred all her foreign assets to her mother 2 years ago which were bought by joint finances during the marriage. Our marriage is of 14 years.

Can someone please tell me those assets will come in family pot for division in family court during financial settlement ?



Edited 2 time(s). Last edit at 02/25/2020 05:56PM by Mike.got.friend@gmail.com.
Re: Financial Settlement
February 25, 2020 06:04PM
Yes, in principle, if the transfer was not bona fide and not an arm's length transaction. Having said that, assets like these are much more problematic than, say, a bank account in your wife's name in the UK. To get them counted in any meaningful way you can expect to have to jump through many hoops such as proving how they were paid for, getting them valued (often not easy with a foreign property not in the name of someone in the UK, exploring the exact circumstances under which they were transferred and proving the reasons for it etc. It can be a lot of hassle.
Re: Financial Settlement
February 25, 2020 06:43PM
Many thanks for your response. Really helpful.

I thought form E only has column to mention the asset in the past 12 months. If not, which section in form E I would expect her to mention these foreign assets.

1. I have the bank statements where the money is going from my salary account to joint account and then transferred to foreign land to buy the property.
2. valuation can be easily done from estate agent in foreign land.

any other hurdle i can expect?

PS: Nisi was granted in 2017 and she transferred the flats 2018.



Edited 1 time(s). Last edit at 02/25/2020 10:19PM by Mike.got.friend@gmail.com.
Re: Financial Settlement
February 27, 2020 11:19AM
>> If not, which section in form E I would expect her to mention these foreign assets.

She will not mention them on her Form E because she doesn't have to. It will be up to you to raise the matter by way of a questionnaire and statement of issues once Forms E have been exchanged.
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