At hpjv we understand that going through a Divorce can be a difficult time in someone’s life. We also understand that the Financial Matters, in particular, can cause many people worry. Often, client’s feel anxiety when it comes to discussing and dealing with the Financial Matters associated with their divorce – please know you are not alone. We are here to provide you with the appropriate legal advice and guidance to ensure that financial matters are dealt with appropriately and as smoothly as possible, to a positive conclusion for you.
If you instruct us to represent you in relation to Divorce and Financial Matters, we will guide you through the process, taking the burden of this off your hands. We will advise you in detail of your options when it comes to resolving the Financial Matters associated with your Divorce, and the crucial step of full financial disclosure and completing a financial statement, called ‘Form E’.
What is a Form E: Financial Statement
Form E is a crucial document used in financial remedy proceedings under the Matrimonial Causes Act 1973 (for married couples) or the Civil Partnership Act 2004 (for civil partners) in England and Wales. It serves as a comprehensive financial disclosure statement, allowing parties to present their financial positions to the court.
The document can also be used outside of financial remedy proceedings as a tool to assist the parties in obtaining full financial disclosure on a voluntary basis, so that productive negotiations can take place outside of the court arena.
This legal document provides a full and frank disclosure of a party's financial circumstances. If you use solicitors to negotiate an agreement, they will usually request that a Form E is completed. However, this may not always be necessary and should be discussed with your solicitor first. A Form E allows both parties’ solicitors to consider the whole financial picture and ask questions on the disclosure.
If you are going to court for a financial order, you will need to complete a Form E as this will be required by the court. Failure to complete a Form E at this stage could be seen as contempt of court and could lead to legal costs being made against you and the court apportioning finances to you that they believe you have, based on the evidence from the other party. Therefore, at this stage in financial remedy proceedings, a Form E is compulsory.
What is included in a Form E
The Form E requires detailed information about all aspects of a person's financial situation, including:
Personal Details: Basic information about the parties.
Income and Earnings: Details of employment, self-employment, benefits, and other sources of income.
Assets: Information on properties, savings, investments, and valuable items.
Liabilities: Debts, loans, and other financial obligations.
Pensions: Details of pension schemes.
Standard of Living: Monthly expenses and lifestyle costs.
Other Relevant Information: Any additional financial matters.
Along with Form E, parties must attach supporting documents such as bank statements, tax returns, property valuations, and pension statements.
It is important to note that providing false information on a Form E can have serious consequences, including being held in contempt of court. Therefore, it is crucial to be honest and thorough when completing this form.
What should I do when I have to prepare a Form E
Seek Legal Advice: Given the complexity of Financial Matters within Divorce, seeking legal advice is crucial. We can guide you through the process and help you complete Form E accurately.
Transparency: Honesty and transparency are essential. Concealing assets or providing misleading information can be detrimental to your case.
A point to note: Remember, Form E plays a pivotal role in determining financial settlements during divorce or dissolution proceedings. It’s a document that demands attention to detail and adherence to legal requirements. We therefore strongly suggest that you obtain independent legal advice at an early stage so that matters can be dealt with and a positive outcome achieved for you.
Speak to our Divorce and Financial Matters solicitors today
For more information about Financial Matters in Divorce speak to one of our divorce solicitors at hpjv, get in touch today.
