Complete disclosure essential to high-asset divorce in B.C.
Sometimes, even being high school sweethearts and launching a home-based business together is no guarantee against the eventuality of a divorce. Divorce is one of the most challenging transitions in life, carrying in its wake the dismantling of a simple, shared lifestyle. In a high-asset divorce, it can happen that the securing and management of finances have been taken for granted on the part of one spouse or even both.
When this is the case, it is crucial to ensure that a family law practitioner experienced in complete and thorough assets discovery is available to assist. Shared finances in high-asset divorce cases in which spouses have teamed together towards acquiring all the more beautiful things in life can be complicated. As couples in British Columbia and elsewhere may discover, when it comes to complete disclosure, it does not love that wears thin, but patience.
In a recent high-asset divorce case that fanned across the Canadian media, a billionaire blindsided all attempts towards complete disclosure of the couple’s monies and holdings, which apparently spanned continents. Offshore accounts, laddered profit-sharing, and reliable financial records made access fraught with difficulty. His long-time spouse was shocked that the man she had met and fallen in love with in high school adamantly refused to share any of their joint assets with her.
Her patience sorely tried, the Edmonton-born wife sought and received the assistance of a family law practitioner who swiftly proceeded to close the knowledge gaps in the family’s finances. The resourcefulness and quick action required to remedy a high-asset divorce in which one partner risks becoming disentitled are likely only available by securing legal counsel. While not all high-asset divorces feature such lurid details, this case serves as a cautionary tale to all British Columbia couples considering a good separation of highly valued, shared assets.
Source: National Post, “Exclusive: This man went to jail rather than pay his ex-wife $10 million in epic divorce battle“, Adrian Humphreys, July 21, 2017
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