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\u2018Financial Disclosure\u2019: two words that strike fear into most people\u2019s hearts. Especially when going through divorce – Form E looks like your worst nightmare. It\u2019s a long form and requires lots of paperwork, it\u2019s true. But fear not. In this post we look at How to prepare for financial disclosure. Remember, <\/em>financial disclosure doesn\u2019t have to be painful. <\/span><\/p>\n Divorce legally ends a marriage. Financial separation is a different process. To end any financial obligations to each other the divorcing couple must apply for Financial Remedy either by Consent or by order of the court. Without this, the couple\u2019s finances will still be legally entwined, in both life and death.<\/span><\/p>\n Financial disclosure is the process of sharing with one another financial information that relates to the marriage and themselves individually.\u00a0This will inform the Financial Remedy \u2013 the subject of next week\u2019s blog. <\/span><\/p>\n The court cannot make any financial remedy orders on divorce until the decree nisi has been granted. (This is different if you are applying for Judicial Separation, which is not divorce).<\/span><\/p>\n But I recommend you prepare for disclosure long before that. It\u2019s possible, and preferable, to have done your disclosure and reached a settlement with your soon-to-be-ex-husband before the decree nisi is granted \u2013 either between yourselves or with the help of a mediator or solicitors. Just make sure you get legal advice before you take the settlement to the courts<\/em>. <\/span><\/p>\n Make sure you DO:<\/span><\/p>\n Make sure you DON\u2019T:<\/span><\/p>\n The exact documents will vary depending on your circumstances but the point is to disclose everything you have and everything you owe. This will give you and the courts a snapshot of your net worth \u2013 both as a couple and individually. This will then inform a financial settlement.<\/span><\/p>\n Here\u2019s a general guideline to what you will need to share:<\/span><\/p>\n If you are likely to receive gifts or inheritances these must also be disclosed (they won\u2019t necessarily be shared).\u00a0<\/span><\/p>\n I know it\u2019s a big list! Break it down and take it steady to avoid overwhelm. You will be able to find the paperwork you need, just give yourself lots of time. <\/span><\/p>\n If you\u2019re a member of The Absolute Academy<\/span><\/a> you can do the \u2018Figuring Out Your Finances 5 Day Challenge\u2019 that\u2019s in the portal and free to all members.\u00a0<\/span><\/p>\n DO NOT enter any negotiations about a financial settlement before you\u2019ve done the numbers! More on this next week\u2026<\/span><\/p>\n When you have all your paperwork together, you will share it with your soon-to-be-ex-husband, and vice versa.\u00a0 <\/span>The Family Law Protocol encourages you to do this voluntarily \u2013 without applying for court directions. You can do this between yourselves, or with the help of a mediator or your solicitors.<\/span><\/p>\n You may disagree with the disclosure you receive. Don\u2019t panic! It\u2019s completely normal that both you and your soon-to-be-ex-husband will have queries about each other\u2019s disclosure. It might be a simple clarification question, or you may have more serious concerns that financial items are missing. <\/span><\/p>\n This is why I urge you to write down everything you expect to disclose and everything you expect to be disclosed in advance. This way you can cross-reference more easily without being \u2018blinded\u2019 by voluminous amounts of disclosure or the particularly special \u2018excel spreadsheet\u2019 that many exes prefer to use over Form E! While we\u2019re on that subject\u2026<\/span><\/p>\n \u2026Resist the excel spreadsheet!<\/b><\/span><\/p>\n In my experience the excel spreadsheet is where many exes try to assert their dominance. You may well have your soon-to-be-ex-husband telling what a \u2018fair\u2019 split should look like and making comments such as \u2018We don\u2019t need lawyers taking our money. I\u2019ve worked it all out\u2019. A big red flag \u2013 beware of letting them take the lead here!<\/span><\/p>\n You don\u2019t need lawyers to do Form E (though they can be helpful if you can afford them) so push back and insist that you use the Form E for your statement, and\/or work with a mediator to agree a financial statement. <\/span><\/p>\n You can raise your queries about your soon-to-be-ex\u2019s disclosure formally in a questionnaire, and vice versa. You would do this via your solicitors, or can be directed by a court if you\u2019ve issued Financial Remedy proceedings.\u00a0 <\/span><\/p>\n Querying disclosure can alternatively be done informally through mediation, where you have space to challenge or clarify what\u2019s been disclosed. <\/span><\/p>\n If you or your spouse refuse to answer any queries within the questionnaire, a court has the power to direct that some or all of the questions need answering (if you are in formal proceedings).\u00a0<\/span><\/p>\n If you think your soon-to–ex is attempting to hide or dissipate assets, you must<\/i> seek legal advice immediately.\u00a0<\/span><\/p>\n If your ex refuses to play ball, either via mediation or the solicitor, apply to the court for financial remedy so the court can formally direct it.\u00a0<\/span><\/p>\n Ignoring the direction of the court is a dangerous game. Your soon-to-be-ex may be subject to a penal notice, and\/or the court making inferences about their finances \u2013 which may not go in their favour. But it is very much a last resort. <\/span><\/p>\n As with all matters in divorce \u2013 the smoothest route is the one where you and your soon-to-be-ex can work together as much as possible. This will shorten the time needed to obtain the financial remedy order and mean you can move on with your post-divorce life that much quicker. <\/span><\/p>\n If you want help getting through the financial disclosure process, join us in The Absolute Academy!<\/span><\/a> As well as stress-zapping tools and tips, you\u2019ll find a community of motivated, like-minded women, all there to support you and each other as they get their divorce DONE!<\/span><\/p>\n Emma Heptonstall,<\/strong><\/a>\u00a0the Divorce Alchemist is author of the Amazon best selling book\u00a0How to be a Lady Who Leaves, the Ultimate Guide to Getting Divorce Ready<\/strong><\/a>. A former lawyer, Emma is a practising family mediator and founder of Get Divorce Ready the online self study and group programmes. Emma has been featured on BBC Radio, The Telegraph, the iPaper and in Marie Claire Magazine. To find out more visit\u00a0www.emmaheptonstall.com<\/strong><\/a><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" How to prepare for financial disclosure \u2018Financial Disclosure\u2019: two words that strike fear into most people\u2019s hearts. Especially when going through divorce – Form E looks like your worst nightmare. It\u2019s a long form and requires lots of paperwork, it\u2019s true. But fear not. In this post we look at How to prepare for financial […]<\/p>\n","protected":false},"author":3,"featured_media":5887,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":" \u2018Financial Disclosure\u2019: two words that strike fear into most people\u2019s hearts. Especially when going through divorce - Form E looks like your worst nightmare. It\u2019s a long form and requires lots of paperwork, it\u2019s true. But fear not. In this post we look at How to prepare for financial disclosure. Remember, <\/em>financial disclosure doesn\u2019t have to be painful. <\/span><\/p> Divorce legally ends a marriage. Financial separation is a different process. To end any financial obligations to each other the divorcing couple must apply for Financial Remedy either by Consent or by order of the court. Without this, the couple\u2019s finances will still be legally entwined, in both life and death.<\/span><\/p> Financial disclosure is the process of sharing with one another financial information that relates to the marriage and themselves individually.\u00a0This will inform the Financial Remedy \u2013 the subject of next week\u2019s blog. <\/span><\/p> The court cannot make any financial remedy orders on divorce until the decree nisi has been granted. (This is different if you are applying for Judicial Separation, which is not divorce).<\/span><\/p> But I recommend you prepare for disclosure long before that. It\u2019s possible, and preferable, to have done your disclosure and reached a settlement with your soon-to-be-ex-husband before the decree nisi is granted \u2013 either between yourselves or with the help of a mediator or solicitors. Just make sure you get legal advice before you take the settlement to the courts<\/em>. <\/span><\/p> Make sure you DO:<\/span><\/p> Make sure you DON\u2019T:<\/span><\/p> The exact documents will vary depending on your circumstances but the point is to disclose everything you have and everything you owe. This will give you and the courts a snapshot of your net worth \u2013 both as a couple and individually. This will then inform a financial settlement.<\/span><\/p> Here\u2019s a general guideline to what you will need to share:<\/span><\/p> If you are likely to receive gifts or inheritances these must also be disclosed (they won\u2019t necessarily be shared).\u00a0<\/span><\/p> I know it\u2019s a big list! Break it down and take it steady to avoid overwhelm. You will be able to find the paperwork you need, just give yourself lots of time. <\/span><\/p><\/span>What is financial disclosure?<\/span><\/span><\/h2>\n
<\/span>When do you need to do it?<\/span><\/span><\/h2>\n
<\/span>Top tips on how to prepare for financial disclosure<\/span><\/span><\/h2>\n
\n
\n
<\/span>What will you need to disclose?\u00a0<\/span><\/span><\/h2>\n
\n
<\/span>What happens on disclosure?<\/span><\/span><\/h2>\n
<\/span>Questioning the disclosure<\/span><\/span><\/h2>\n
<\/span>What if my soon-to-be-ex doesn\u2019t disclose?\u00a0<\/span><\/span><\/h2>\n
<\/span>The Divorce Alchemist<\/span><\/h3>\n
How to prepare for financial disclosure<\/span><\/h1>
What is financial disclosure?<\/span><\/h2>
When do you need to do it?<\/span><\/h2>
Top tips on how to prepare for financial disclosure<\/span><\/h2>
What will you need to disclose?\u00a0<\/span><\/h2>