What financial information is required before a divorce settlement can be reached?

Having full information about your husband or wife’s financial circumstances is a fundamental part of reaching a divorce settlement. You should ensure you have all of this information before you start discussing how you might divide your assets, including the family home and pensions. You also need to know exactly what your partner earns to be able to work out what child maintenance they should be paying, and whether you should be paying or claiming spousal maintenance.

Once divorce proceedings have started, both you and your partner are under a duty to provide your financial information to the other. The usual and most efficient way to exchange financial disclosure is to complete a Form E. This form includes sections relating to the family home, income, pension, and liabilities such as mortgage and other loans. This is supported by documents so you can check the information provided is accurate. There is then an opportunity to ask questions if you believe anything needs to be clarified, or to seek expert advice to value property or businesses for example. Only once you are satisfied that you have all of the information should you start to negotiate.

When you have reached agreement, this will be drafted into a Consent Order which will be sent to the Court for a judge to approve and seal.

So it is really important that when you separate, before you start to have discussions about settlement, you take legal advice about disclosure and what considerations you should have in mind when looking at possible options. If you need advice concerning your financial settlement or any other matters relating to divorce and separation, please do contact Harrowells Family Law Team.