Financial disclosure is likely to be a word you will hear used often by solicitors when discussing financial matters in divorce. Financial disclosure is the information and documents which each party will provide about their current financial position. When providing financial disclosure, whether voluntarily through solicitors or if you have been ordered to do so through the court process then this will be in the format of Form E. If you are exchanging financial disclosure in mediation then it may be that the mediator has their own format for doing so. The Form E is a standard document that appears quite daunting at 28 pages, however not all the document will necessarily be relevant to someone’s financial situation. Each party only completes the sections which apply to their situation. Overall the document provides a detailed summary of the financial situation and evidence in the form of supporting documents should be included. This evidence is usually the following:-
- Valuation of any properties
- Mortgage Statement
- The last 12 months of bank statements for all accounts held
- Dividend counterfoil or statement of shares, PEPs, Tessas, ISAs
- Surrender values of insurance policies
- Business accounts for the past two years
- Cash Equivalent Value of pensions
- Last 3 payslips, P11D and P60
- Tax Assessment for any self-employed income
Financial disclosure forms the basis for any process used to deal with the division of assets following the breakdown of a marriage. Therefore although it will seem like a cumbersome task, it is an important one which will allow us to advise any clients fully on what would be a fair outcome upon divorce.
If you would like advice on divorce and finances please contact our Family team (based at our 38 South Street office in Chichester) on 01243790532 or email firstname.lastname@example.org.