The first step in most financial remedy cases is the exchange of financial disclosure. This means the sharing of information relating to your financial position. In most cases, a Form E will be used to set out that disclosure.
What is a Form E?
A Form E is also known as a financial statement. You can obtain a copy from the government website here or your solicitor will provide you with a copy.
The purpose of the form is to set out all of your assets and interests, whether they are solely or jointly owned. Once the disclosure is exchanged, you can then see what the matrimonial assets are which need to be addressed within a financial settlement.
What does it include?
The Form E will encompass your entire financial position. You will be asked to give details of any properties you own, monies in bank accounts, business interests, liabilities, pension values and so on.
Do I have to complete the form?
If the court have ordered you to complete a Form E then you need to comply with their direction. Failure to do so could cause a delay in proceedings and in some cases, you could be held in contempt of court and be fined or have your assets seized.
Outside of court proceedings, it may be suggested that disclosure be voluntarily exchanged in which case you have a right to say no. However, generally speaking, disclosure is a good first step in ascertaining what the matrimonial assets are as well as assessing the financial position of you and your spouse.
Do I need to provide supporting evidence?
The Form E will require you to provide supporting evidence such as valuations of any properties, mortgage redemption statements, pay slips,12 months of bank statements, pension valuations and more. The last page has a particularly useful checklist which we always recommend using.
What if I have questions about my spouse’s form?
After exchanging disclosure, there is usually the opportunity to raise a questionnaire setting out any queries you have about your spouse’s form and requesting further documentation.
It is important to note that the questionnaire is not a ‘fishing expedition’ and any queries should be reasonable and necessary.
The form is quite lengthy – I need help
We appreciate that financial disclosure can be time-consuming and often confusing. At E J Coombs, we can help you complete your Form E as well as guiding you through next steps. Contact us today to arrange an appointment.
