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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Special Contribution On Divorce: How To Get A Bigger Share Of The Assets

What has Special Contribution on Divorce got to do with football?

We've been known to get a bit obsessed about football here at Just Family Law. But what has football got to do with Special Contribution On Divorce you may ask? The answer is it’s very important indeed. This is because it raises a vital question. And that’s not whether the England team is a “work in progress”.

Special Contribution On Divorce: How To Get A Bigger Share Of The Assets

I expect your days are busy with work or raising a family. Or perhaps both. But did you know that some people say their contribution to family life goes well beyond the everyday. They say they’ve made a special contribution to the family finances because they are uniquely gifted. In family law circles we call this a “stellar contribution”. And it’s important as it means a bigger share of the finances on divorce.

But what has this got to do with football?

Ryan Giggs’s marriage has sadly broken down. His lawyers are already saying he made a stellar contribution and he’s claiming a greater share of the finances.

Special Contribution On Divorce: Is It Just Plain Wrong?

Some say it’s unfair as marriage should be equal. And that it devalues homemaking and childrearing.

The case of Randy Work and Mandy Gray is a prime example. Their marriage lasted for eighteen years and they had two children. Randy worked for Lone Star in Japan. Mandy relocated to be with him. But their marriage failed after they returned to the UK. He said he wanted sixty one percent of the family’s wealth because he had created it. He claimed he was a very special individual.

Special Contribution On Divorce: Is It Discriminatory?

There was indeed a multimillion family pot for division, earned mostly by Randy Work. Mandy Gray argued the whole concept of special contribution was discriminatory. She said her contribution had been to make a home for the family. Homemaking and childrearing are not, of course, jobs that are paid.

But how are assets usually split on divorce? The starting point is equal division although there are special considerations. These include the care of children, the extent of the couple’s wages and their earning capacity. Also their standard of living during the marriage, and their ages. The length of the marriage is important, too. As is their health. Lastly what the couple put into the marriage financially, and their individual financial needs.

Had Randy Work Made A Special Contribution On Divorce?

The Court of Appeal said Randy Work’s contribution wasn’t all that special. It did not arise from his “exceptional and individual quality”. He was, basically, an employee, even if an extremely highly paid employee. He received only a half share of the assets.

The Court of Appeal said the concept of special contribution, in other words, of stellar contribution, only rarely applies.

Did Ryan Giggs Make A Special Contribution, A “Stellar Contribution”? Is It Enough To Be A Footballing Legend?

Ryan and Stacey Giggs married in 2007 and have two children. Does he have an “exceptional and individual quality?” His lawyers say his career has been like no other.

The stats say it all. Over 1,000 competitive senior appearances. 13 league titles. Four FA Cup winner’s medals. Three League Cup winner’s medals. Two UEFA Champions League winner’s medals.

Giggs was loyal to one club throughout his career, namely Manchester United. His legend status grew from his debut goal in the Manchester derby of 1991. But it was only set to increase with his career defining goal at Villa Park in the FA Cup semi final against Arsenal in 1999. This outstanding success lead to the treble of that year. And then there was his supreme class in defeating Juventus in the 2003 Champions League campaign. Not to mention his stunning destruction of City in the 2009 derby.

Did Ryan Gigs Make A Special Contribution, A “Stellar Contribution”, Or Was He Simply In The Right Place At the Right Time?

But there’s something everyone needs to remember. Ryan Giggs was employed from the age of fourteen by Manchester United, and was part of the exceptional Class of ’92. Was he simply in the right place at the right time?

The Court has to decide whether Ryan Giggs is truly a genius, and deserves to be compensated for his stellar contribution. Or was he simply a highly paid employee of an extremely successful football team?

And so the debate goes on.

It’s a tricky one, isn’t it? What do you think?

Contact Joanne Houston of Just Family Law on 01962 217640 forFREE telephone consultation on any family law issue

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.

image credit: Ryan Giggs and Federico Macheda of Manchester United wait to kick off against the MLS All Stars, July 2010 by Allison Pasciuto on Wikimedia Commons

 

 

 

 

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