Oil Tycoon Divorce Battle rated “Victory for Fairness”
‘Victory for Fairness’ was the conclusion of the Supreme Court as the 5 year divorce battle of Oil Tycoon Michael Prest came to a close, with the judges ruling in favour of the wife of the millionaire oil tycoon, in one of the most eagerly anticipated divorce battles of recent years.
The panel of seven justices of the Supreme Court ruled on 12th June in a unanimous decision, and Mr Prest was ordered to transfer seven properties to his former wife, Yasmin.
The legal battle between Nigerian oil tycoon Michael Prest, and his estranged wife Yasmin has raged for five years, and despite an October ruling by the Court of Appeal that Mrs Prest could not make a claim on the properties, due to them being owned by Companies and not directly by Mr Prest, this decision was overturned by the recent ruling.
Based on the fact that the companies were wholly owned by Prest, the previous ruling was overturned and Mrs Prest reasserted her claim on the seven properties once again.
Hailed as a ‘victory for fairness’ by many family lawyers, this ruling sets a precedent for the future in family law cases where an individual tries to hide their personal assets during a divorce settlement via company structures. This ruling is likely to influence future divorce settlements, despite the Supreme Court judges indicating that the so-named ‘corporate veil’ would only be pierced in exceptional circumstances.
Mr Prest claimed he was only worth £48 million, while his wife insisted his wealth was in fact hundreds of millions of pounds.
At forensic accountants such as Frenkels Forensics, divorcing couples who have businesses to value often call such experts in to help. Their team of specialists are often instructed on behalf a spouse to value a business or any shareholdings in businesses. They can also prepare forensic accountancy reports and carry out the necessary investigations to trace the assets of one party or other to substantiate proposed financial settlements following divorce.
Frenkels are also able to offer valuations of businesses and other assets that need to be split during a divorce or family breakup for couples who choose a less combative approach than that of Mr Prest and his wife. Such couples will find the financial skills and advice of forensic accountants can become part of a non-adversarial divorce, helping them ascertain the value of businesses and other assets, and find strategic ways to minimize the pain of a financial separation, perhaps working also with the help of a skilled financial planner.
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How to Divorce amicably – online divorce advice to save money and protect the children at www.AlternativeDivorceGuide.co.uk