{"id":514,"date":"2017-07-17T12:17:45","date_gmt":"2017-07-17T12:17:45","guid":{"rendered":"http:\/\/www.just-family-law.com\/blog\/?p=514"},"modified":"2020-05-12T14:26:24","modified_gmt":"2020-05-12T14:26:24","slug":"financial-disclosure-on-divorce","status":"publish","type":"post","link":"https:\/\/www.just-family-law.com\/blog\/index.php\/2017\/07\/17\/financial-disclosure-on-divorce\/","title":{"rendered":"Financial disclosure on divorce &#8211; 10 things you need to know"},"content":{"rendered":"<div class=\"prose\">\n<h3><a href=\"https:\/\/www.just-family-law.com\/blog\/wp-content\/uploads\/2017\/07\/financial-disclosure-on-divorce.jpg\"><img data-attachment-id=\"4524\" data-permalink=\"https:\/\/www.just-family-law.com\/blog\/index.php\/2017\/07\/17\/financial-disclosure-on-divorce\/financial-disclosure-on-divorce-2\/\" data-orig-file=\"https:\/\/www.just-family-law.com\/blog\/wp-content\/uploads\/2017\/07\/financial-disclosure-on-divorce.jpg\" data-orig-size=\"910,683\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"financial disclosure on divorce\" data-image-description=\"\" data-medium-file=\"https:\/\/www.just-family-law.com\/blog\/wp-content\/uploads\/2017\/07\/financial-disclosure-on-divorce-300x225.jpg\" data-large-file=\"https:\/\/www.just-family-law.com\/blog\/wp-content\/uploads\/2017\/07\/financial-disclosure-on-divorce.jpg\" decoding=\"async\" loading=\"lazy\" class=\"aligncenter size-full wp-image-4524\" src=\"https:\/\/www.just-family-law.com\/blog\/wp-content\/uploads\/2017\/07\/financial-disclosure-on-divorce.jpg\" alt=\"financial disclosure on divorce\" width=\"910\" height=\"683\" srcset=\"https:\/\/www.just-family-law.com\/blog\/wp-content\/uploads\/2017\/07\/financial-disclosure-on-divorce.jpg 910w, https:\/\/www.just-family-law.com\/blog\/wp-content\/uploads\/2017\/07\/financial-disclosure-on-divorce-300x225.jpg 300w, https:\/\/www.just-family-law.com\/blog\/wp-content\/uploads\/2017\/07\/financial-disclosure-on-divorce-768x576.jpg 768w\" sizes=\"(max-width: 910px) 100vw, 910px\" \/><\/a><\/h3>\n<h3><\/h3>\n<p>Not sure\u00a0about financial disclosure on divorce? Read this straightforward guide. This blog also tells you what happens <em>after\u00a0<\/em>disclosure\u00a0&#8211; something you really need to know!\u00a0But please make sure you take advice from an <a href=\"https:\/\/www.just-family-law.com\/\" target=\"_blank\"><em>experienced family lawyer<\/em><\/a> if you are at all unsure about your position.<\/p>\n<h3><a href=\"https:\/\/www.just-family-law.com\/blog\/wp-content\/uploads\/2017\/07\/swan-on-nest-for-Linkedin.jpg\"><br \/>\n<\/a><strong>1.\u00a0\u00a0\u00a0\u00a0What are\u00a0my options<\/strong><\/h3>\n<p>The answer is there are few because the rule is full and frank disclosure backed up by documentary evidence.\u00a0Hiding assets or income will only serve to drag out\u00a0negotiations. Furthermore it can result in an expensive and never ending Court case. And can end in imprisonment.<\/p>\n<h3>2.\u00a0 \u00a0 <strong>But\u00a0is it actually a matrimonial asset<\/strong><\/h3>\n<p>This is a vital question but it&#8217;s addressed\u00a0after<strong>\u00a0<\/strong>disclosure.\u00a0\u00a0So yes, you have to disclose\u00a0all of the following:<\/p>\n<ul>\n<li>house you owned pre-marriage<\/li>\n<li>pension you paid into since you started work<\/li>\n<li>inheritance that post dated your separation<\/li>\n<\/ul>\n<p>But disclosing an asset doesn&#8217;t mean you lose it. Why? Because there\u00a0may be good reasons why some or all of it should be ring fenced. See my blog\u00a0<em><a href=\"https:\/\/www.just-family-law.com\/blog\/index.php\/2017\/11\/07\/ring-fence-protect-assets-on-divorce\/\" target=\"_blank\">Ring fence and protect assets on divorce<\/a>.<\/em><\/p>\n<h3><strong>3.\u00a0 \u00a0\u00a0Is disclosure inevitable<\/strong><\/h3>\n<p>Whether it&#8217;s voluntary or part of the Court process, at some stage\u00a0it&#8217;s likely you will be called upon\u00a0to disclose your assets and income. This is in a:<\/p>\n<ul>\n<li><a href=\"https:\/\/www.gov.uk\/government\/publications\/form-e-financial-statement-for-a-financial-order-matrimonial-causes-act-1973-civil-partnership-act-2004-for-financial-relief-after-an-overseas\" target=\"_blank\"><em>Form E Financial Statement<\/em><\/a>, or<\/li>\n<li><em><a href=\"https:\/\/www.gov.uk\/government\/publications\/form-d81-statement-of-information-for-a-consent-order-in-relation-to-a-financial-remedy\" target=\"_blank\" rel=\"nofollow noopener\">Statement of Information for Consent Order<\/a><\/em>\u00a0 (which has to accompany an agreed order to Court).<\/li>\n<\/ul>\n<h3><strong>4.\u00a0 \u00a0 Can I hide my\u00a0assets in a new account or business<\/strong><\/h3>\n<p>That won&#8217;t work either. These are all disclosable, even assets in a trust. By all means argue that the trust should not be taken into consideration after\u00a0you have disclosed it.<\/p>\n<h3><strong>5.\u00a0\u00a0\u00a0\u00a0What happens if\u00a0I don&#8217;t disclose\u00a0my assets<\/strong><\/h3>\n<p>You will be surprised how inquisitive\u00a0divorce\u00a0lawyers can be &#8211; not to mention forensic accountants.\u00a0As a result of their investigations your ex could make an application to the Court for you to disclose the asset and all relevant documentation relating to it.<\/p>\n<h3><strong>6.\u00a0\u00a0\u00a0\u00a0But how bad can it really get\u00a0<\/strong><\/h3>\n<p>Worst case scenario, you end up in prison for contempt of court.\u00a0More likely is\u00a0a costs order and &#8220;adverse inferences&#8221; being drawn as to the extent of your assets.\u00a0If this happens\u00a0the Court can decide you&#8217;ve got more assets than you&#8217;re letting on. This can mean an order for a larger share to your ex &#8211; not a good outcome.<\/p>\n<h3><strong>7.\u00a0 \u00a0 Will I get away with it<\/strong><\/h3>\n<p>Have you hidden away an asset, or a lucrative plan for your business, and no one has noticed &#8211; yet? You will always be looking over your shoulder as your failure to disclose is likely to be discovered.<\/p>\n<h3><strong>8.\u00a0 \u00a0What if the order has been made<\/strong><\/h3>\n<p>Cases\u00a0of non disclosure or fraudulent disclosure are treated severely. The\u00a0Court can overturn the order finalising the matrimonial finances\u00a0&#8211; you will find yourself back at square one again: older, wiser, but sadly a great deal lighter in your pocket.<\/p>\n<h3><strong>9. Is financial disclosure on divorce a good idea<\/strong><\/h3>\n<p>Yes, it leads to:<\/p>\n<ul>\n<li>quicker and easier outcomes<\/li>\n<li>lower legal costs<\/li>\n<li>less emotional fallout for you and the\u00a0children<\/li>\n<\/ul>\n<h3><strong>10. What happens\u00a0<em>after<\/em> financial disclosure on divorce<\/strong><\/h3>\n<p>See\u00a0my blogs\u00a0<em>What happens after financial disclosure on divorce <a href=\"https:\/\/www.just-family-law.com\/blog\/index.php\/2019\/11\/23\/what-happens-after-financial-disclosure-in-divorce\/\" target=\"_blank\">part 1<\/a>, <a href=\"https:\/\/www.just-family-law.com\/blog\/index.php\/2019\/11\/29\/happens-after-financial-disclosure-in-divorce-part-2\/\" target=\"_blank\">part 2<\/a> and <a href=\"https:\/\/www.just-family-law.com\/blog\/index.php\/2019\/12\/09\/what-happens-after-financial-disclosure-in-divorce-part-3\/\" target=\"_blank\">part 3<\/a>\u00a0<\/em>for a guide to:<\/p>\n<ul>\n<li>filling in Form E<\/li>\n<li>Court timetable<\/li>\n<li>concise statement of issues<\/li>\n<li>chronology<\/li>\n<li>questionnaire<\/li>\n<li>First Appointment<\/li>\n<li>FDR<\/li>\n<\/ul>\n<p>Contact Family Lawyer Joanne Houston on\u00a0<a href=\"tel:01962%20217640\">01962 217640<\/a>\u00a0for an initial\u00a0consultation on\u00a0<em>Financial Disclosure on Divorce.<\/em><em>\u00a0<\/em>In this 20 minute session she will review your situation and how you can achieve your objectives.<\/p>\n<p><em>JUST FAMILY LAW are specialist divorce and family lawyers. We offer\u00a0<a href=\"https:\/\/www.just-family-law.com\/blog\/index.php\/2017\/06\/02\/pay-as-you-go-divorce-costs\/\" target=\"_blank\" rel=\"noopener\">Pay as you go costs<\/a>. We offer\u00a0<a href=\"https:\/\/www.just-family-law.com\/blog\/index.php\/2019\/01\/17\/what-is-collaborative-family-law\/\" target=\"_blank\" rel=\"noopener\">Collaborative law<\/a>\u00a0solutions tailored to your family\u2019s needs.<\/em><\/p>\n<p><strong>The topics covered in this blog post\u00a0<em>Financial Disclosure on Divorce<\/em><em>\u00a0<\/em>are complex<\/strong><strong>. They are provided for general guidance only. If any of the circumstances mentioned in this blog apply to you, seek expert legal advice.<\/strong><\/p>\n<p>image for\u00a0<em>Financial Disclosure on Divorce<\/em> A Mute Swan (Cygnus olor) landing on its nest by<em>\u00a0<a href=\"https:\/\/commons.wikimedia.org\/wiki\/User:B%C3%B6hringer\" target=\"_blank\" rel=\"nofollow noopener\">B\u00f6hringer\u00a0<\/a>on WikiMedia<\/em><\/p>\n<\/div>\n<div class=\"article-content-footer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Not sure\u00a0about financial disclosure on divorce? Read this straightforward guide. This blog also tells you what happens after\u00a0disclosure\u00a0&#8211; something you really need to know!\u00a0But please make sure you take advice from an experienced family lawyer if you are at all unsure about your position. 1.\u00a0\u00a0\u00a0\u00a0What are\u00a0my options The answer is there are few because the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":4524,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[582],"tags":[185,186,81,187],"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/www.just-family-law.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/514"}],"collection":[{"href":"https:\/\/www.just-family-law.com\/blog\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.just-family-law.com\/blog\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.just-family-law.com\/blog\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.just-family-law.com\/blog\/index.php\/wp-json\/wp\/v2\/comments?post=514"}],"version-history":[{"count":56,"href":"https:\/\/www.just-family-law.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/514\/revisions"}],"predecessor-version":[{"id":4559,"href":"https:\/\/www.just-family-law.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/514\/revisions\/4559"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.just-family-law.com\/blog\/index.php\/wp-json\/wp\/v2\/media\/4524"}],"wp:attachment":[{"href":"https:\/\/www.just-family-law.com\/blog\/index.php\/wp-json\/wp\/v2\/media?parent=514"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.just-family-law.com\/blog\/index.php\/wp-json\/wp\/v2\/categories?post=514"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.just-family-law.com\/blog\/index.php\/wp-json\/wp\/v2\/tags?post=514"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}