Asset Freezing Injunctions
On separation, 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.
Should you have any concerns that this may be happening specialist legal advice should be sought at the earliest available opportunity. Prevention is better than cure and time is of the essence.
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
We have considerable experience of dealing with cases involving all of the above as well as many more complex schemes designed to defeat a spouse’s claims. We 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 such an application be necessary, the Court has the following powers:-
- To make such an Order as it thinks fit to prevent a spouse from disposing of an asset. This can include freezing bank accounts.
- To make an Order setting aside a sale or transfer that has already taken place.
- To grant a freezing injunction forbidding a spouse from removing money or property from England and Wales.
The law relating to the exercise of the above powers is very complex. It is therefore vital that experts' specialist legal advice is sought at the outset.