Form E financial statement in UK divorce proceedings
Divorce proceedings can be a difficult and complex process, especially when it comes to financial disclosure. During this process, one of the key documents that needs to be completed is the Form E financial statement (Form E). This article will guide you through the process of completing this form and provide an overview of as to the affect it will have on your financial settlement.
What is Form E?
Form E is a financial statement that both parties complete and sign during proceedings in the Family Court for financial orders during divorce proceedings. Form E is a key document as it outlines the financial positions of each party and provides detailed accounts of assets, income financial needs and any liabilities, with supporting documents.
The contents of this form are crucial in enabling the court to make an informed decision in relation to a fair and equitable division of assets.
What are the requirements for Form E and what needs to be included?
A key requirement for Form E is that it must be completed and exchanged before the first court hearing. If the form is not completed and submitted on time, this can result in delays of the financial proceedings and in some cases the courts may impose cost orders as a result of the time wasted.
The Form E is an important document , that needs to be completed properly and thoroughly. Some of the information required can be easily supplied by the parties but some can require assistance from the parties’ legal representatives and involvement from third parties such as an accountant.
The first section of the Form E requires general information from the parties. This includes:
- The length of the marriage
- Any relevant health issues
- Any children of the marriage
- The current living arrangement and educational requirements for any children
- Any current child maintenance that may have been arranged
The second section asks the parties to provide information on their main financial details. This includes:
- Details regarding income; salary, benefits, pensions and any other sources of income the parties may receive.
- Details regarding assets; ownership of the family home, interests in any other land, any mortgages and details of the mortgage providers, estimation of the equity in the property/properties, any savings, stocks, shares and any personal belongings worth more than £500.
- Details regarding any liabilities; debts, loans or any financial obligations on the parties.
- Details regarding expenditure; living expenses, monthly outgoings and the financial needs of the parties following the divorce.
The third section focuses on the financial needs of each party and requires details on the assets which the parties and any children involved would need. For example, this could be the cost of suitable housing for the party and the children of the family.
The fourth section outlines additional factors the court should take into account, including the standard of living, contributions made by each party, their conduct, and any expected changes in circumstances (e.g., intentions to remarry or cohabit).
How is all of the information provided proved?
Alongside the form itself, supporting documents must be accompany the form to verify that all of the information provided is correct. A few of the supporting documents typically required include:
- 12 months’ worth of bank statements
- Mortgage statements
- Pension valuations
- Property valuations
- Payslips
- Business accounts
- Insurance polices
Even in relatively simple cases, the parties must provide extensive documentation and ensure that all information is properly substantiated by those documents. In cases involving complex income structures, a significant number of assets, or assets located abroad, the amount of required documentation will be even more substantial. Locating and sourcing some of these documents can be time consuming and this needs to be taken into account when completing this form for the deadline provided.
Included with Form E is also a Statement of Truth that both parties have to sign. This statement confirms that the signer believes the information provided in the Form E is accurate. If a party is discovered to have intentionally lied or provided false information in their Form E, they may be held to be in contempt of court and face penalties such as fines or imprisonment.
Whilst completing a Form E can seem a daunting task at first, with the help of our expert family law team here at Nantes, you can protect your financial interests and facilitate a more seamless divorce process.
Expert Guidance on Completing Form E:
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