Unsure whether you’re legally required to disclose your finances during divorce proceedings? Regardless of whether you’re unsure how to disclose your financial situation or simply want to find out more about divorce financial disclosure, the experienced team of divorce solicitors at Freeman Jones Legal can help.
What is financial disclosure in divorce?
Financial disclosure in divorce refers to the process of divulging the details of assets that are held, both jointly and separately, by the divorcing or separating couple. This information should cover all financial matters including your personal finances, resources, and future financial requirements.
Once these details have been appropriately collected, they must be exchanged between the two parties. This will allow both parties (as well as their legal teams) to have a full and clear understanding of their matrimonial finances, ensuring a fair settlement can be negotiated.
What financial disclosure is required for divorce?
Put simply, ‘full and frank’ financial disclosure in divorce in the UK is a legal requirement. Without knowing the full picture of your finances, it’s difficult or even impossible to ensure a fair financial divorce settlement – this disclosure is especially important if you didn’t handle the finances during your marriage or civil partnership.
To disclose your finances, you will need to fill out a Form E. This official court document will help you to list your income, assets, liabilities, expenditure, and future expenses clearly and comprehensively. It’ll also provide an opportunity to explain your preferred financial divorce settlement and why you believe this is fair.
At the end of this form, there’s also a statement of truth which you must sign to attest to the fact you’ve filled out the form truthfully and to the best of your ability. If you fail to disclose financial information, the financial divorce settlement could be delayed, altered, or you may even receive a lesser share.
Alternatively, if you purposely provide untruthful financial information using this form, you may be found to be in contempt of court and could be charged with a criminal offence. You may even be ordered to pay the legal costs of the other party involved in the divorce case.
As a result, it’s well worth taking your time when filling out the form, and seeking the relevant support from your lawyer and accountant to ensure you provide full and accurate financial information.
Seeking financial settlement support?
For exceptional legal advice regarding divorce financial disclosure, your divorce case, and divorce financial settlement requirements, please don’t hesitate to contact the experienced divorce solicitors at Freeman Jones Legal.
Specialising in mediation, dispute resolution, skilled negotiation, and court action, we can explore a variety of relevant legal avenues to help you achieve a fair settlement.
With dedicated offices located in Wrexham, Liverpool, Warrington, and North Wales, we welcome client visits. To schedule your free, no-obligation consultation or to simply speak directly to one of our expert divorce lawyers, please feel free to give us a call on 01244 506 444.