What is financial disclosure and why is it necessary?
Financial disclosure is a term given to describe the giving of your financial information, usually supported by documentary evidence, to your spouse and to the Court. After issuing a Petition for divorce this is usually the next step to achieving settlement. As lawyers we are unable to provide you with any specific advice regarding your current and future financial position without seeing both yours and your spouse’s financial disclosure.
Financial disclosure is essential whether you intend to use the court to achieve settlement or you are looking to reach terms of settlement without court proceedings. In fact, the court will order financial disclosure as soon as an application to court has been made, before any hearing even takes place.
Disclosure takes place using a standard form called a Form E. The same form is used in every single case whether you are ultra-wealthy or you are looking for a way to repay matrimonial liabilities. The form is relatively long and asks you to write down and provide supporting evidence of your income, assets, pensions, liabilities and so on.