In the beginning, it will often be unclear whether there is a dispute on financial issues.
A solicitor will ask the client to provide full disclosure of financial information in documentary form which might include:
- Up to date valuations of the home and other assets;
- Up to date mortgage statement showing how much is owed to the mortgagee;
- 12 months statements in relation to all bank accounts;
- 2 years of full financial accounts for any business;
- Details of any dividends or profits received from business interests in the last 2 years;
- Any life policy details;
- Share valuations;
- Investment property valuations;
- Documentary evidence of other savings and investments;
- Cash equivalent transfer value of pension schemes;
- Credit card statements;
- Loan agreements;
- Latest P60;
- Last 3 months’ salary slips; and
- Monthly schedule of expenditure.
This information can be exchanged on a voluntary basis with the solicitor acting for the other spouse. In many cases negotiations will then take place over correspondence or in round table meetings in an attempt to resolve financial matters by agreement.
If matters can be settled this way, the solicitors will then submit an application to the court by consent (Consent Order), with neither party having to attend court.
Unfortunately, in some cases it may be necessary to issue court proceedings. One spouse may refuse to engage in the negotiation process, attempt to conceal the true value of his or her assets, or may take an unreasonable position.
For more information about how we can assist you with issues relating to finance and divorce please visit our financial matters service page.
How We Can Help
A member of our specialist team will be happy to help.
To discuss Financial Disclosure issues, please either use the contact form on the right, email us at email@example.com or call us today on +44(0)161 941 4000 to speak to a member of our team.