Friday, November 20, 2020
From Bloomberg Tax:
In addition to the emotional upheaval, divorce brings a level of financial scrutiny that most high net worth individuals (HNWIs) and ultra high net worth individuals (UHNWIs) spend their lives trying to avoid. Providing full and frank disclosure is a strict requirement of the family courts in England and Wales once financial remedy proceedings are issued.
The duty to provide full and frank disclosure is a strict obligation. Failure to comply frequently results in parties being criticized by the court (and can lead the court to draw adverse inferences against parties who fail to comply with their disclosure obligations).
Due to the complexity of their affairs, HNWIs/UHNWIs have become a particularly lucrative target in tax investigations.
Read more here.