Last 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
2.10 Capital Gains Tax
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.
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.
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