Form E Divorce Important
A form e divorce is a comprehensive questionnaire that both parties must complete setting out full details of their finances, supported by clearly identified documents. As the document can be complex, even for those individuals who are well-versed in financial matters, many individuals opt to seek help from expert family law solicitors or other professionals such as accountants to ensure that their Form E is completed correctly and accurately.
In any divorce matter, a financial settlement needs to be agreed. This is often achieved through an application to court known as ‘a financial remedy’. If a financial remedy order is sought it will be compulsory for both parties to exchange their full and frank financial disclosure using Form E before the court can give any advice as to any likely outcome of the matter including division of assets and debts.
This process allows both parties (and the court if there are proceedings) to understand the size of the matrimonial ‘pot’ and start to evaluate the options available for dividing the assets and debts. It can also be useful for identifying any hidden or unknown assets/resources and for confirming the accuracy of financial information that has been provided.
Why is the Form E Divorce Important?
It also encourages honesty, fairness and consistency during any discussions regarding financial settlement with your former partner. The process can be time-consuming and expensive, so it is always best to ensure that your Form E is completed accurately from the outset – this can minimise any disputes or accusations that you have been concealing assets.
If either party attempts to conceal assets or income on their Form E this can have serious consequences. In the immediate timeframe this can cause delays in reaching a financial resolution and may also tarnish the credibility of that individual throughout the proceedings, potentially leading to sanctions such as costs being awarded against them for being obstructive of the court’s requests or failing to provide full and frank disclosure.
In the longer term, it can also lead to issues when a proposal is eventually made to the court for a financial settlement as it will be difficult to assess what is fair and reasonable in light of that dishonesty. It can also lead to a more hostile and fractious situation between the couple.
If you do require the assistance of a professional to assist with your Form E it is important that you instruct them as early on in the process as possible. This will enable them to advise you as to the best way to collate and present your evidence in a format that will be accepted by the court. It is also worth noting that you must continue to update your financial information following the completion of your Form E and any significant changes since then will need to be disclosed to your former partner. This should be done in writing and signed to confirm that the information you have provided is correct.
