Legal News
Multimillion-pound divorce case may return to Supreme Court for second time (16 July 2015)
Date: 16/07/2015
An oil trader may be jailed for four weeks unless he pays his ex-wife £360,200 in maintenance, the High Court has ruled.
In a divorce battle that has been ongoing since 2011, Michael Prest was ordered for a second time by the court to pay maintenance to his former wife, Yasmin Prest – if he does not pay within three months, he could face a prison sentence.
In 2011, Prest was said to be worth £37.5 million – since then he has claimed that his oil business has collapsed.
In 2013, a court ruling said Mrs Prest was entitled to a share of her husband’s assets worth millions of pounds.
However, in July 2014, the High Court found that Mr Prest had “wilfully defaulted” on the maintenance order previously granted by the court, the Law Society Gazette reports.
Mr Prest’s divorce lawyers have said that if he is granted permission to appeal against the latest Appeal Court ruling, the case will be taken to the Supreme Court.
The divorce case has set a precedent on hidden assets in divorce cases. Mr Prest asked the Appeal Court to rule in the case, after the 2014 ruling.
If a further appeal is granted, it will be the second time the case has been heard in the Supreme Court.
Duncan Lewis Divorce Solicitors
Duncan Lewisdivorce solicitors can advise on contested divorces, as well as high net worth individuals and separation agreements, divorce settlements and dissolution of civil partnerships.
Duncan Lewis can also advise on international marriage and divorce, post- and pre-nuptial agreements, spouse abandonment, and child care law.
For expert legal advice on all divorce matters and child care arrangements, call Duncan Lewis divorce solicitors on 020 7923 4020.