How to Fill in a Form E Financial Statement on Divorce – Pt 1

How to Fill in a Form E Financial Statement on DivorceThis blog is about how to fill in a Form E Financial Statement on Divorce. If you’re not sure whether you should fill in a Form E, or you’re not sure what to disclose, make sure you obtain legal advice from an expert family lawyer

What Form E is all about

See my blog Financial disclosure on divorce, 10 things you need to know

Don’t fall at the first hurdle

What could be worse than finally sitting down to fill in your Form E and you fall at the first hurdle because you haven’t got the right documents. This week I’ll tell you what documents you need so you can start collecting them together.

Why these documents are necessary

They are required by the Form E. If you don’t include them you will be chased by the other side or ultimately ordered by the Court. So you might as well get on with it now.

Properties

  • If you own or part own any properties – family home, holiday home, investment property – a valuation for each in the last six months is helpful. The more recent the better otherwise you’re going to have to rely on a guess and if you’re way off, this could cause unnecessary delay and expense in your case
  • A recent mortgage statement for each property
  • Click this link to the Land Registry for an online title summary providing basic information about the property. For more detail, order documents by following this link Land Registry.

Bank, building society and savings accounts

Whether in your sole name or jointly with others – 12 months of statements for each.

Any other investments; eg shares, ISAs

Last statement for each investment.

Life assurance policies/endowment policies

Recent statement to show surrender value.

Running a business

  • Last two years’ accounts and
  • evidence that supports your valuation of your business; eg a letter from your accountant

Pensions

Write to your pension provider and ask for the cash equivalent transfer value.

Employed

  • Your last P60 together with
  • wages slips for the last three months

Self employed

  • Last two tax assessments but if these aren’t available, a letter from your accountant
  • If the estimate for your net income for the next twelve months is significantly different from your net income from your last set of accounts, you’ll need to provide a set of your management accounts for the current period to explain the difference

Next blog

Got all your documents together? My next blog will guide you through how to fill in a Form E Financial Statement on Divorce.

How to Fill in a Form E Financial Statement on Divorce

Contact Family Lawyer Joanne Houston on 01962 217640 for an initial consultation on How to Fill in a Form E Financial Statement on Divorce. In this 20 minute session she will review your situation and how you can achieve your objectives.

JUST FAMILY LAW are specialist divorce and family lawyers. We offer Pay as you go costs. We offer Collaborative law solutions tailored to your family’s needs.

The topics covered in this blog post How to Fill in a Form E Financial Statement on Divorce are complex. They are provided for general guidance only. If any of the circumstances mentioned in this blog apply to you, seek expert legal advice.

image for How to Fill in a Form E Financial Statement on Divorce, Confused Young Woman by CollegeDegrees360 on Wikimedia

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Your Top 10 Divorce Questions Answered

Your Top 10 Divorce Questions Answered

1. Can I do the divorce/end our civil partnership myself

Yes, here’s a guide to how to file for divorce in the UKIt also tells you about the challenges you might faceIf in doubt, consult an expert family lawyer.

2. How much will it cost

The Court fee is £550 but:

  • are you eligible for an exemption? Here’s a link to an application form, or
  • will your ex pay? You can ask the Court to make an order although it’s not guaranteed the Court will agree so try to reach agreement with your ex.

3. How long will it take

About four months ruling out mishaps with the paperwork. But it’s wise to delay completing your divorce until you have a financial order. Why? Because you might miss out on your fair share; eg if your ex dies after the divorce but before you have a financial order you could lose out on their pension. Not sure? Consult an expert family solicitor.

4. How are the finances split 

Equally – subject to the following factors:

  • welfare of children
  • income and earning capacity –  a “clean break” means a payment of capital instead of ongoing maintenance
  • financial needs – eg the care of children
  • standard of living during the marriage – in rare cases where there is an excess of capital and income this is an argument for a greater share
  • your ages, and the length of the marriage – different considerations apply if it’s a short marriage
  • disabilities – ongoing maintenance or extra capital may be the answer
  • contributions to marriage – high achievers can attempt to ring fence their “stellar contribution

Try to agree the finances with your ex – see my recent blog How to avoid Court for your options:

5. Do I have to disclose my finances

Yes. Hiding assets or income drags things out and can result in an expensive and never ending court case. You will disclose your assets and income in a Form E Financial Statement, and/or a Statement of Information for Consent Order (if your agreed settlement is protected in a consent order)

If you don’t make full disclosure you risk:

  • adverse inferences being drawn as to the extent of your assets
  • extra costs
  • imprisonment for contempt of Court

Think you’ve got away with it? The Court can overturn financial orders when non disclosure or fraudulent disclosure comes to light. Transferring assets to someone else? You risk a Court order freezing your assets and a hefty costs order. Hiding assets? You risk imprisonment for contempt of Court.

6. Can I ring fence my assets 

Yes, sometimes, but you must still give full and frank disclosure first. What’s the best way to ring fence and protect assets on divorce? A prenuptial agreement.

If you’re already married, a post nuptial agreement. 

7. What’s a non matrimonial asset

Take advice because it depends on all the circumstances:

  • the house you owned before the marriage
  • the pension you paid since you started work
  • the inheritance that post dated separation
  • your business

But if there aren’t enough matrimonial assets left to fulfil your ex’s needs eg for housing, non matrimonial assets can be used to plug the gap.

8. Is it possible to ring fence and protect an earlier inheritance

Possibly if you never allowed it to be used as a matrimonial asset.

9. Can a business be ring fenced

Your ex might make a claim over your business but won’t automatically be entitled to a share of the business on divorce, and if they are, they could instead receive a larger share of other assets such as savings or the family home. Take advice, this is a tricky one.

Joint business? The options are:

  • split it between you
  • buy each other out
  • sell it

Here again a you might want to consider a post nuptial agreement.

10. My husband/wife/civil partner has left me what are my rights

Worried your ex will:

  • sell your home because it’s not in joint names
  • sell, hide or move valuable assets

The answers are:

  • an application to the Land Registry to register a Notice of Home Rights – anyone who is not a joint owner should register their home rights when a marriage breaks down
  • an urgent application to the Court to freeze assets

You need maintenance:

  • on an emergency basis
  • to support the children

The answers are:

Your Top 10 Divorce Questions Answered

Contact Family Lawyer Joanne Houston on 01962 217640 for an initial consultation on Your Top 10 Divorce Questions Answered. In this 20 minute session she will review your situation and how you can achieve your objectives.

JUST FAMILY LAW are specialist divorce and family lawyers. We offer Pay as you go costs. We offer Collaborative law solutions tailored to your family’s needs.

The topics covered in this blog post Your Top 10 Divorce Questions Answered are complex. They are provided for general guidance only. If any of the circumstances mentioned in this blog apply to you, seek expert legal advice.

image for Your Top 10 Divorce Questions Answered – Facial portrait of sad expression by a female actress by xusenru on Wikimedia

Read the article