How to Fill in a Form E Financial Statement on Divorce – pt 2

How to Fill in a Form E Financial Statement on DivorceLast week’s blog Form E Financial Statement on Divorce – pt 1 set out the documents you need to gather together. This week I’m guiding you through the Form E Financial Statement, explaining the tricky bits and pitfalls. However there’s no substitute for taking advice from a family law expert.

You need to answer the questions thoroughly and honestly. Why? See my blog  Financial disclosure on divorce, 10 things you need to know.

1.13 Child support

If you’re not sure about your position see my blog What are your child maintenance options? Here’s a link to the online child maintenance calculator

2.10 Capital Gains Tax

Here’s a link to an overview of Capital Gains Tax. If you have any doubts about your tax liability you should consult your accountant. Also please see our blog Does Splitting up Affect Tax in the UK.

2.11 Details of all your business interests

Providing information about your business doesn’t mean it’s automatically up for grabs in the divorce. See my blog How to Protect Business on Divorce

2.14 Other assets

“You are reminded of your obligation to disclose all your financial assets and interest of ANY nature.” If you wonder why this warning is necessary take a look at my blog Financial Disclosure on Divorce – 10 Things You Need to Know

3. Financial Requirements Part 1 Income needs

Print off the checklist from the Advice Now website, fill it in and attach it to the form.

3. Financial Requirements Part 2 Capital needs

Often for accommodation. Consider your reasonable housing needs and do some market research. Also note your potential mortgage capacity and show your net capital requirement.

4.2 Brief details of the standard of living enjoyed by you and your spouse/civil partner during the marriage/civil partnership

This is only likely to have consequences in very high value divorces where there’s a significant excess of resources. See my blog A Guide to “Needs” on Divorce – Christina Estrada’s Extraordinary Essentials. In this case the Judge described the couple’s standard of living as “stratospheric”. The starting point for the division of capital is equal shares. But division can be unequal:

  • where needs cannot be met, or
  • in high value divorces where there’s been a “stellar” contribution by one party.

Stellar contribution, otherwise known as special contribution, is considered in my blog Special Contribution on Divorce: How to Get a Bigger Share of the Assets.

If you married an established millionaire there’s a chance you won’t get an equal share of their fortune on divorce. However if you give full details of your lavish lifestyle this might justify a share not simply based on your needs.

4.4 Bad behaviour or conduct

This goes way beyond unreasonable behaviour and adultery.  An argument for a bigger share on this basis is unlikely to succeed unless for example it’s a question of:

  • “wanton” or “reckless” expenditure, or
  • your ex destroying your ability to earn an income by injuring you or burning down your business.

4.5 Other circumstances

It’s important to give careful thought to answering this question. It could justify a greater share of the capital or a maintenance order.

5. Order sought

Take advice from a family law expert to find out what you can hope to achieve in a financial settlement.

Statement of Truth

Wondering why the contempt of court warning is necessary? Take a look at my blog Financial Disclosure on Divorce – 10 Things You Need to Know

How to Fill in a Form E Financial Statement on Divorce – pt 2

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, Vic, Iceland, by Unsplash on Wikimedia

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6 Things You Need To Know About “Common Law Marriage”

common law marriage partner1.   There’s no such thing as common law marriage but there are steps you can take to protect yourself. Couples who live together have only a fraction of the protection afforded to those who are married.

2.   Unless your home is in joint names, and there’s a declaration of trust, there’s no automatic right to a share, or a fair share. If the worst comes to the worst it may be possible to come to an agreement by negotiation, mediation or collaborative law (or even by going to court) but it’s a legal minefield.

3.   Update your Wills regularly. If your partner doesn’t leave a Will you may end up with nothing and face a complicated and expensive application to the court with no guarantee of the outcome you expected.

4.   Children of separating cohabitees are treated the same when it comes to arrangements for where they’re going to live and who they’re going to see, and the Child Maintenance Service (the Child Support Agency) can help if the absent parent isn’t paying up. But there are significant differences when it comes to lump sum payments, property orders and extra maintenance, and there are special provisions under Schedule 1 of the Children Act.

5.   Nowadays pensions are of utmost importance. Would you be entitled to your late partner’s pension? It’s not guaranteed so don’t leave anything to chance, find out now.

6.   A cohabitation agreement offers some protection but will need regular updating and won’t be binding in court proceedings, particularly if there’s a change in circumstances such as the arrival of children. It also won’t cover for example your entitlement to your partner’s pension if your partner dies before you.

Phone me on 01962 217640 for a free 20 minute consultation on these important issues.

JUST FAMILY LAW are specialist divorce and family law solicitors offering personalised legal solutions.

Visit our website just-family-law.com

The topics covered in this blog post are complex and are provided for general guidance only. If any of the circumstances mentioned in this blog might have application to you, you should seek expert legal advice.

Pair of Mandarins by Francis C. Franklin on WikiMedia Commons

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