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Wife wins right to challenge £10m divorce settlement, after husband fails to fully disclose assets (13 April 2015)

Date: 13/04/2015
Duncan Lewis, Legal News Solicitors, Wife wins right to challenge £10m divorce settlement, after husband fails to fully disclose assets

A divorcee who had already agreed a £10m divorce settlement will now try and claim more of her ex-husband’s fortune, after the Court of Appeal agreed that he had lied about his financial assets.

The Daily Mail reports that 47-year-old Alison Sharland had already accepted a £10.35m divorce settlement from her husband Charlie Sharland, 54.

However, the Court of Appeal heard that Mr Sharland had lied about the value of assets held in the software company AppSense.

The Court of Appeal found that Mr Sharland, 54, had deliberately hidden information and lied to the court about the value of his share in his company AppSense – but the court refused to overturn the £10.35m divorce settlement.

As a result, Mrs Sharland will now take her case to the Supreme Court.

The couple married in 1993 and Mr Sharland formed his company in 1999. They had three children and separated in 2010, agreeing to split their assets.

However, the couple – from Wilmslow in Cheshire – could not reach agreement over the value of Mr Sharland’s assets in AppSense.

The company is one of the largest technology companies in the world with offices in offices in California’s Silicon Valley, New York, Australia and across Europe.

Mrs Sharland had agreed to accept £10.35m in cash and property as part of the divorce settlement – as well as 30% of Mr Sharland’s proceeds from shares when they were sold. At the time agreement was reached, it had been estimated Mr Sharland’s shares were worth no more than £32m.

However, days after agreement on the divorce settlement was reached, the shares were valued at £460m as a result of an initial public offering on the stock market – which never took place. This meant the shares would be worth around £132m after tax.

Mr Sharland has not contested that he misled his ex-wife over the value of his shares in AppSense.

An Appeal Court judge said his conduct was “deliberate and dishonest” – but the court ruled that Mrs Sharland was bound by the agreement she had signed and refused her appeal.

Mrs Sharland’s case will now be heard in June at the Supreme Court – the highest appeal court in England and Wales.

Duncan Lewis Divorce Solicitors

Duncan Lewis is a specialist firm of divorce solicitors able to advice on high net worth divorce settlements – and re-opening contested divorce cases where one party might have concealed financial assets.

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For expert legal advice on all divorce matters, contact Duncan Lewis divorce solicitors on 020 7923 4020.

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