High Net Worth Divorce Videos

Date when Video was Published: 16/06/2023

What can happen to any assets I have sold/transferred 24 months prior to initiating divorce proceedings? If your spouse is aware of the sale or transfer, and decides that you disposed of the assets with the intention of defeating their matrimonial claims, they could may make an s.37 application to the Court to either freeze or reverse the sale/transfer or alternatively freeze the net proceeds of sale if the same can located and accounted for. An s.37 Avoidance of Dispositions Order is an order setting aside or stopping a transaction by a spouse that was or is being made to defeat his/her spouse's application for a financial remedy. Section 37(5) of the Act stipulates that the intention to defeat the other spouse’s matrimonial claims is presumed if the disposition of the asset took place less than three years before the application. The court will look at a variety of factors in respect of the sale/transfer in order to determine whether this presumption is rebutted. If the presumption is not rebutted the transaction will be set aside unless: • The asset was exchanged for an appropriate sum; and • The third party who acquired the property/asset acted in good faith and was unaware that the sellers’ goal was to defeat their spouse’s matrimonial claims. It is crucial to note that there are serious costs implications for the losing party in such applications. Therefore, it is important you seek advice from a solicitor before proceeding with such applications or if you find yourself on the opposite end of such an application. Duncan Lewis Divorce Solicitors appreciate that you will be contacting us in challenging and emotional circumstances. For that reason, we are here to advise on legal procedure relating to divorce and connected matters and answer any questions that you may have. Please visit our website or call us directly on 033 3772 0409

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This video content was created on 16/06/2023 to provide an overview of the legal position and the information was correct at the time this video was created. This video has been produced for purposes of generic information and marketing purposes only. While the information on this site is about legal issues, it is not intended as legal advice or as a substitute for the particularised advice of your own legal advisor. Please consult one of our lawyers to provide you with advice and assistance on any matters touched on this video. Viewing of this video does not create legally binding advice and does not create a retainer with Duncan Lewis Solicitors. This video is Copyrighted at Duncan Lewis Solicitors 2023. Any illegal reproduction of this content is prohibited and will result in immediate legal action.