When you divorce or separate and see a Solicitor or Mediator you will soon hear the expression “Financial Disclosure” or be advised to complete a “Form E”. But what does this mean?
Usually when a marriage breaks down you need to agree how the money, pension, house and income are divided and if you cannot agree you may need a Solicitor to advise you or a Mediator to help you talk to each other.
So that you know exactly what you are discussing you will need to provide financial information about your capital, debts, income and pension to the other person and they will need to reciprocate. This means that you should know exactly what they have and you can decide (or a Solicitor can advise you) on what would be a fair settlement.
A Form E is used at Court to provide financial disclosure but is also used when providing disclosure on a voluntary basis. It is helpful to use as it covers almost all possible disclosure and if you both complete it then you should be able to see a full picture of each other's situation.
It is always sensible to agree to provide financial disclosure as this means that you will not be agreeing to something which you later find was unfair or inadequate or if you settle for less than your entitlement you do so with your eyes wide open!