$93 million
dollars! The Age today
made headlines with this splashy article about an-going legal battle that was
brought before the Family Court of Australia. The parties have been given the
pseudonyms of Mr and Ms Wills, and you can read their case here http://www.austlii.edu.au/au/cases/cth/FamCA/2017/183.html
In this case, the parties were married for 35 years before they split. On
27 April 2015, their property dispute was finalised where the wife received a
division of assets worth $15 million. The Wife has then filed an application
for this agreement to be disregarded, claiming that the Husband had failed to
disclose relevant information relating to an interest in a business which later
resulted in him receiving $93 million.
As it appears to have turned out, on 1 May 2015 the Husband was said to
have “determined to take the initial steps to the making of an Initial Public
Offering (IPO)” for the business. Their property dispute was finalised on 27
April 2015.
Having not seen the full details of the case, it is hard to say exactly
who said what, knew what and when, and so we cannot comment definitely on what
will happen. But there may be some value in looking at cases where the property
‘pool’ consisted mainly of lottery winnings (bought by the husband), as in the
case of Elford v
Elford [2016] Fam CAFC.
In Elford the Appeal Judge upheld the trial judge’s
decision that the winnings were not a joint endeavour but rather recognised
that the husband made the sole contribution to the winnings – therefore
dismissing the wife’s appeal to a greater share in the property pool.
The question then is whether the wife receives any entitlement to the $93
million.
Only an
experienced lawyer such as one from our family law team would be able to
navigate you through complex scenarios such as the above – we are contactable
on 03 9614 7111 or otherwise out of
office hours on melbourne@nevettford.com.au
