Legal News

At the onset of divorce proceedings, resolving financial matters is crucial for couples looking to finalise the end of their marriage. A key component of this process is financial disclosure, but what exactly is financial disclosure, and how is it implemented during a divorce?

Financial disclosure is a critical step in the divorce and separation process, requiring both parties to share detailed information about their financial status, assets, and future financial needs. This exchange of information, typically between spouses, is vital for a transparent and fair resolution of financial matters.

Disclosure can either take place on a voluntary basis or via a court order. Either way parties would need to disclose their assets to one another. Usually, this is provided via a Form E document or schedule of assets and each party would be required to provide documentary evidence of each asset that they own. The form may encompass details such as:

• Proof of income, including payslips, P60s, and/or tax returns

• 12 months' worth of bank statements

• Details of investments, shares, and other financial policies

• Information on all financial obligations

• Disclosure of business interests

• Information about pensions

• Information about trusts or offshore investments

• Details about holiday homes

• Consideration of potential inheritances

If a party has commenced a new relationship and is residing with their new partner, then the Court will require disclosure of their income as this will need to be taken into account when the divide of assets is considered.

In high net worth cases, assets are of considerable value and therefore it is essential that full and frank disclosure takes place in order for the Court to be in a position to divide assets as fairly as possible.

If you would like to discuss your financial matter with our experienced team, contact us today via telephone at 033 3772 0409 to ensure your legal needs are met with professionalism and expertise.

About the Author:

Amanda Wilmore, a director within the family & child care department at Duncan Lewis Solicitors, approaches each case sensitively and without judgement, offering each client a supportive environment to discuss their case, whether in the office or online. She is a Chartered Legal Executive and assists clients with all aspects of family law, including children, divorce, financial and domestic abuse matters.

For advice or assistance on a family and childcare matter, contact Amanda via email at AmandaJ@duncanlewis.com or via telephone on 020 7014 7305.

Duncan Lewis Solicitors, an award-winning law firm renowned for its exceptional legal services and commitment to social justice, has a history spanning several decades. Their team of highly skilled solicitors provides top-tier representation in 25 diverse fields of law, including immigration, family, criminal, employment, and property law. Recognised for their unwavering dedication to making justice accessible to all, regardless of financial circumstances, Duncan Lewis Solicitors' outstanding reputation and numerous accolades, including being crowned Law Firm of the Year at the Modern Law Awards 2023, and commitment to advocating for marginalised individuals firmly establish it as a leading law firm in the UK, consistently delivering excellent legal representation.