Asset Freezing Injunctions
Asset freezing injunctions forbid a spouse from removing money or property from England and Wales. On divorce or civil partnership dissolution, it is not uncommon for one spouse to attempt to avoid their financial obligations by selling, hiding or transferring assets to reduce the amount they will be required to pay on a divorce.
Injunction orders can include freezing bank accounts and setting aside a sale or transfer that has already taken place. The law relating to the exercise of the above powers is very complex and often requires immediate action. It is therefore vital that experts’ specialist legal advice is sought at the outset.
Common examples of spouses attempting to put assets beyond the reach of the Courts include the following:-
- Transferring cash or investments out of the country
- Transferring property or shares at an undervalue to a willing third party
- Encashing investments and policies
- Mortgaging a property
- Spending cash savings
Our divorce solicitors have considerable experience in dealing with cases involving all of the above as well as many more complex schemes designed to defeat a spouse’s claims. Our solicitors can advise you as to the practical and legal steps that can be taken to protect your potential claims. These may include urgent applications to the Court to protect the assets pending the redistribution of wealth upon divorce.
Should you have any concerns that this may be happening specialist legal advice should be sought at the earliest available opportunity.