Australia: Conceal or Mislead the Court about Marital Assets at Your Own Peril

An elderly Australian businessman may harbor some regrets about allegedly defrauding the Family Court and concealing or misrepresenting assets.

The man reportedly characterized himself in court papers as a “supervisor” who earns $30,000. According to his much younger wife, he commands a $100 million fortune.

It is said that he kept mum about the $630,000 car he drives.

He also reportedly transferred $1.5 million in defiance of a court order.

Even worse, perhaps, the man allegedly ordered the destruction of financial records and conspired to transfer $30 million outside the Court’s jurisdiction.

For his misdeeds, the Court held him in contempt – and sentenced him to several months of confinement.

It is anticipated that the portion of the trial dedicated to dividing assets will take six weeks!

The couple’s combined legal fees are estimated to run between $1.5 million and $2 million.

If the man pays his wife just $133,000 toward her legal fees quickly, however, the Court will reduce his sentence to only three months.

Sounds like a real deal he should jump at.

Read more in this Sydney Morning Herald article: Divorce ends in slammer.