31st January 2017
Court Orders Former Banker to Hand Over Foreign Pension Income in Divorce Ruling
A former banker who got himself into debt from spread-betting has been ordered to hand over a proportion of his income from a foreign pension to his wife with the decision being described as a landmark judgement by legal experts.
Amit Goyal gambled away his wealth – despite earning £385,000 a year – and was believed to be in more than £650,000 worth of debt while transferring three British pensions to an Indian pension provider in an attempt to hide his assets.
The court ordered Mr Goyal to transfer over his last assets of £19,000 to his ex-wife but opted to give the money to his cousin claiming that he owed it for an existing debt. The Family Court had since dismissed these claims before ordering him to pay £4,000 of his annual pension to his ex-wife.
Sarosh Zaiwalla, the solicitor who acted on behalf of Mrs Goyal said: “This judgment will come as a welcome relief to parties who find that, in anticipation of matrimonial proceedings, their spouse's pension has been transferred overseas.”
"The decision shows that the Family Court is being ever more flexible and creative when it comes to dealing with families and to achieve a fair outcome in difficult circumstances. The Court will seldom look favourably on someone who has deliberately hid their wealth or family resources or attempted to put them beyond or outside the jurisdiction of the English Courts. Given the increasingly small world in which we live, cases concerning other countries are becoming ever more common and the Family Court is adapting to the demands of a modern society. In complex cases such as these, there can be no substitute for legal advice – whether you believe that your partner may attempt to conceal or move assets or you are considering doing so!"
If you are undergoing a divorce or if there is a discrepancy in relation to your pension please contact us on 0808 168 5550 or email@example.com and one of our Solicitors will be available to advise you.