Going through a divorce can feel overwhelming – emotionally, financially, and practically. One of the first (and often most daunting) steps is making financial disclosure. But what does that really involve?
The Foundation of Any Financial Settlement: Disclosure
No matter which divorce route you take – and my upcoming book Divorce Solutions outlines ten different options – the starting point is always the same: full and frank disclosure of all assets and liabilities, globally.
This is usually done using a document called Form E, which prompts both parties to share details of their financial situation. Take a look here: View Form E (Gov.uk) dm@divorcesolutions.co.uk divorcesolutions.co.uk
Why Form E Feels Overwhelming
Form E runs to around 30 pages, requiring details of everything from bank accounts and investments to pensions, debts and property details.
You’ll also need to gather supporting documents, such as:
- 12 months of bank and credit card statements
- Property valuations
- Mortgage and pension statements
It’s a thorough process – and at a time of emotional upheaval and uncertainty, facing this paperwork can just feel too much.
Whilst it’s a requirement of the process, completing the form is actually an administrative task, not a legal one – and that’s an important distinction.
Tips to Make It Easier (and Save on Legal Costs)
You don’t have to pay a solicitor to help you with the form-filling.
If your financial affairs are straightforward, you could complete it yourself, perhaps with support from someone experienced in numbers and documentation.
Once done, your lawyer can review it to make sure everything’s presented correctly, especially in complex cases where assets may overlap or be easily double counted.
What Happens Next?
Once both parties have completed their Form E, their Forms are exchanged.
From there:
- Questions can be raised about anything disclosed or suspected of not having been disclosed
- Clarification of expenditure may be required, and any disagreements (for example over valuations) will need to be resolved
- In some cases, the family court may step in to enforce disclosure
Importantly, progress towards a settlement can only be made once both sides are satisfied with the information provided. Delays or dishonesty at this stage can cost time and money.
The financial disclosure process is a critical step in any divorce. Understanding what’s involved, puts you in control, reduces stress, and often saves money.
Coming soon:
Divorce Solutions – your guide to navigating the divorce process clearly and confidently is due for publication on the 21st January, and, should you wish to preorder a copy, a pre-order link will shortly be provided.
Who we are.
We are a team of 5 experienced lawyers but, what makes us different to a firm of solicitors, is that we are acting as divorce consultants.
We help people navigate the legal maze and stop them making expensive mistakes. We use our experience of the divorce process to find solutions to lower the temperature and save money.
If the above resonates or you know someone who may benefit from speaking to us, please do contact me. We don’t charge for an initial consultation.