The final hearing in a high value divorce case is under way as Mrs Michelle Young seeks to establish the extent of her former husband’s wealth. Mrs Young has said she will settle for a £300 million lump sum together with payment of her legal costs.
Mr and Mrs Young started a relationship in 1989 and they have two daughters. However, the relationship ended in 2006 and the divorce proceedings have been working their way through the justice system ever since. Mr Young owes his wife nearly £1 million in maintenance and £1.28 million in unpaid tax.
The couple had an extremely high standard of living: they owned three Porsche cars in Miami, they had staff and went on three or four foreign holidays a year. Mrs Young has revealed that she thinks "Vast amounts of assets have been concealed" and "It was a very long marriage. My children and I should be entitled to a fair share of those assets."
Mrs Young is trying to establish that Mr Young had assets of £700m two years after he was declared bankrupt. According to Mrs Young, Mr Young had always been very secretive about his finances.
Mr Young, however, maintains that he is bankrupt. Therefore, the judge, Mr Justice Moor, is trying to discover how much Mr Young, a property dealer, is actually worth. Mr Justice Moor told the court: "I have to decide on the balance of probabilities how much Mr Young is worth."
Earlier this year Mr Justice Moor jailed Mr Young for six months for contempt of court for failing to comply with court orders for disclosure.
Top business leaders including Sir Philip Green, owner of Topshop, will be called to give evidence as the hearing continues. This is certainly a case to keep an eye on.
If you are going through divorce and would like to discuss your legal position then please call our Family Team on 0113 246 0622.
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