Divorcee faces jail threat over 'penniless' claim

A tycoon who made his fortune from fixing deals involving Russian businessmen has been told to reveal the whereabouts of his £400 million fortune - or face jail.

Scot Young was told by the high court that he must reveal where the money is after the judge rejected his claim that he is now penniless and unable to pay his estranged wife anything in the divorce settlement.

Mr Justice Charles ordered the seizure of Mr Young's passport to stop him fleeing the country.

Details of the case were made public under new rules on the disclosure of the details of family law cases.

Those who may wish to avoid disputes of this kind or having their affairs revealed in public may wish to do a DIY divorce and ensure that the whole process is conducted smoothly, amicably and without incurring the cost of using lawyers.

Earlier this month chartered accountants Grant Thornton said the number of prenuptial agreements is on the rise as people seek to protect their finances during the recession.

Such agreements may make a DIY divorce easier to accomplish later if a marriage does fail.

Written by Rachel Crook

Published on: June 22, 2009

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