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As part of the financial procedure there is often the need to prepare some financial disclosure. This forms the foundation from which you can attempt to negotiate an overall financial settlement.
Without financial disclosure it is very difficult for your divorce solicitor to advise you about likely outcomes. The main reason for this is that it can be difficult to see what is financially at stake without a full and relevant financial disclosure.
This is the process of putting together all of the relevant financial information that concerns you together with documents in support. This can be information such as mortgage and bank statements, investments, pensions, business accounts, pay slips, details of your outgoings and so on.
Essentially, this is putting all of the financial cards on the table and face up. This financial disclosure includes not only assets in your sole name, but assets owned in your joint names and with any third party.
Both parties in a divorce have a duty to provide a financial disclosure and updating financial information. A financial statement, called a Form E. This can help because it ensures both of you are providing the same relevant financial information and documents as a starting point.
The financial disclosure helps you make an informed decision about how to divide your assets fairly.
This also helps you work with your solicitor to assess your ‘needs’ for example for housing and income. It is important that your needs are reasonably met.
The financial disclosure may also help spot certain issues, for example, in relation to tax consequences. This is to avoid any nasty surprises later on down the line.
If you cannot agree the basis of financial disclosure or you have concerns about your partner disclosing everything or being truthful, then the Family Court can get involved an automatically order financial disclosure in the style of the financial statement, Form E
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There is a fundamental duty to provide up to date and continuing financial disclosure. Even where you reach a financial agreement or consent order the Family Court needs to approve the settlement. As part of this process, you both need to complete a summary statement form, called a D81. This sets out some background information to include details of your respective assets, liabilities, income, and pension provision.
If you have not disclosed fully or properly then there is a risk that your financial settlement or consent order could be set aside, meaning that you must start the process all over again. The Family Court also has power to take someone’s conduct into account and penalise them whether by ordering a lesser settlement or by way of a costs order. You could also be help in contempt of court.
We acted for a wife in a financial remedy case. Following the exchange of financial disclosure, it became apparent that the husband had spent £500,000 in 3 years, largely on gambling. We were successful in our argument that these monies should be added back into the matrimonial pot and so essentially in lieu of the husband’s remaining settlement.
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We are specialist divorce lawyers in financial remedy cases. Part of our work involved complex financial and valuation issues. We often work with forensic accounts to trace assets and to ensure the best possible outcome.
We are ranked in Tier 1 of the Legal 500 for family law in 2023 and have a very strong and in-depth team.
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Maguire Family Law are experts in all aspects of divorce finance law and we can inform you of your legal rights and the strength of your case. We’ve helped so many people in so many varied situations, there’s no problem too big or small for us to assist you with.
Contact us for a no-obligation assessment of your case.
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Our friendly team are experts in international family law.
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