Why is it important to understand what is a divorce Form E? When a relationship breaks down and a couple wants to divorce, how the finances will be split between the two parties is often the most difficult and time-consuming aspect of the whole process. Some couples are able to reach an agreement between themselves about how their assets will be divided. Sometimes, this is simply not possible and they will ask a judge to decide for them. Either way, full and frank disclosure of finances is a vital element of this process. This means being completely upfront and honest about any assets that you own.
Being completely open about your assets to your spouse, is necessary so that you can come to an agreement about how to fairly split your finances. If a financial settlement is reached and one or both parties have failed to fully disclosure their financial situation, the case could be re-opened and the financial settlement may be altered. The party who was not completely honest about their financial situation, could find that they are asked to pay legal fees and court costs.
If the courts are involved in your financial settlement, you and your spouse will each be required to complete a divorce Form E.
The purpose of a divorce Form E is to provide both you and your spouse (and the court) with a clear picture of your finances.
Normally, you would need to include information regarding, for example, your mortgage/s, pension/s and evidence of any income.
Even if you and your partner would like to come to an agreement between yourselves, filling in a divorce Form E each can be beneficial, as it can help you to build a clear picture of each of your financial situations. It is also worth noting here, that even if you and your spouse agree how your finances are going to be split without going to court, it is highly recommended that you ask a judge to make this agreement into a consent order. Otherwise, you could find that your partner could come back asking for more money, many years later.
If you and your spouse are unable to reach an agreement between yourselves about how your finances will be split, you may need to ask a judge to decide for you.
In order to do this, you or your spouse would need to complete what is known as a Form A.
This can be a lengthy process and various things need to happen before the final hearing. There are plenty of opportunities to negotiate and agree a settlement prior to the final hearing.
The courts have various powers to ensure that full and frank financial disclosure takes place. If a court finds that your spouse has hidden assets, then they could penalise them by, for example, ordering that they pay your legal costs.
Your spouse may even receive a less favourable settlement as a result of attempting to hide assets.
Our expert family law solicitors can help you with a range of legal issues relating to financial disclosure and divorce Form E, including:
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