The research by Investec Wealth & Investment UK involved surveying over 1,000 UK adults, although only a proportion (69 people) had been divorced within the last 10 years.

Around 25% of this group admitted that they had not told the whole truth about the full extent of their wealth during a separation. Of these people, around a quarter said that they’d hidden £10,000 or more from their ex-partner.

Interestingly, it also emerged that men were more likely than women to conceal assets. The study found that 33% of male respondents admitted to hiding wealth, compared to just 15% of women.

Faye Church, who is a Senior Chartered Financial Planner at Investec, commented on the findings of the May 2024 survey. She said:

“Ultimately it highlights a wider issue of couples not keeping each other informed about their finances which can undermine efficient financial planning if people are concealing money from each other.

 “It also raises the issue of one partner taking the lead on finances over the other, which we see all the time. This leaves the uninformed partner at a huge disadvantage if the couple split, or sometimes completely in the dark with regards to where their income will come from or how their financial affairs are structured if one partner dies.”

Over half of people ‘happy’ with divorce settlement

Other findings of the study focused on how divorcees felt they’d fared after dividing assets and deciding on a fair financial settlement. And crucially, how happy or unhappy they thought their ex was about how finances were settled.

Here are the main results:

  • 54% said they were happy with how assets were split and the financial agreement drawn up during the divorce
  • 36% of people said they were unhappy with the financial settlement they received in their divorced
  • 61% had a perception that their ex was satisfied with financial arrangements following divorced.
  • 17% believed that their former spouse was dissatisfied with the financial settlement they received.

Is it against the law to conceal wealth in a divorce?

Yes, it is against the law to fail to disclose wealth or assets in a divorce case. And the consequences can be severe, potentially leading to a criminal charge of perjury. In the most serious cases, this could result in a prison sentence.

Even in a best case scenario, it’s likely that any financial settlement that has already been agreed will be set aside. A new one will be drawn up, ensuring assets that were hidden are taken into account. You may also have to pay your ex-partner’s legal costs.

Need help compiling a list of assets, or negotiating a financial settlement during divorce? Get in touch with Liverpool divorce lawyer Tracey Miller Family Law to arrange a free initial consultation. Call 0151 515 3036 or 07795 060 211, or email on info@traceymillerfamilylaw.com