Complex Company Asset Base Untangled in Divorce Proceedings

Case Study

Walker Foster’s Family Law team assisted a client in navigating a complex and contentious divorce, successfully uncovering and fairly distributing a substantial concealed asset base over a challenging five-year period, ultimately securing a favourable settlement for a vulnerable client.

The Challenges

A vulnerable client sought advice from Walker Foster in relation to divorce and, as part of that process, a fair division of the parties' substantial assets. However, the other party refused to disclose their asset base or comply with any court orders throughout the process.

The client came to Walker Foster with significant concerns that the other party would never voluntarily disclose his financial position within the divorce process to enable there to be a fair distribution of the assets. This was taken into account by our Family Law team in our approach to the case.

How Walker Foster Helped

With the expert assistance of Walker Foster’s Family Team, the other party’s wealth was eventually unravelled, as was the significant value other companies in which the other party had a vested interest as either a director or shareholder. The other party undoubtedly endeavoured to use the company structures to suggest there was no personal interest in these entities, a suggestion to which the court gave short shrift.

Walker Foster’s extensive investigations identified 19 companies in which the other party had a vested interest, all of which were taken into consideration by the court when delivering final judgement. The process went on for a lengthy five years due to the opposing party's unreasonable conduct.

Ultimately, this resulted in a harsh order being handed down by the court. The other party was ordered to pay our client a substantial lump sum by instalments to provide for a fair split of the assets; failing payment, the other party would be forced to sell all of his shares in his companies. Additionally, the opponent’s behaviour resulted in the client being awarded a substantial portion of their legal fees, which is unusual in the Family Court as the court would generally make no order as to costs.

The Outcome

In this case, it was important to ensure the client was supported and the other party’s true wealth was determined to provide for a fair split of the assets on divorce. This resulted in several court applications prior to the final result, which then provided the client with much-needed closure and a fair financial settlement.

Throughout the case, Walker Foster’s team acted pragmatically and swiftly, with a hands-on approach that kept the client involved throughout. The potential for non-disclosure of assets was explained to the client, and the step-by-step process was explained to achieve the best results. There was the potential for assets to be missed or overlooked, and Walker Foster successfully unravelled the complex company structure, which had been put in place to defeat the client's claim, resulting in an excellent result and justice at its best.

If you are facing similar challenges or need expert guidance on any family law matters, reach out to Walker Foster today and let our dedicated Family Law team provide the support and expertise you deserve