What is a Form E Financial Statement?
A financial statement, known as a Form E, is a document used within voluntary financial disclosure or financial remedy proceedings. Whether you have issued financial remedy proceedings with the Court or not, it is essential that all parties provide full and frank financial disclosure when seeking to obtain a financial order through the Court or engage in non-court processes such as meditation.
What is the purpose of a Form E?
The Form E is used to ensure that both parties are transparent about their financial situation. This is crucial to ensure that a fair decision can be made within Court, or outside of Court. It is an essential document to assist your solicitor and the Court to advise you on the division of assets upon separation.
What is Financial Disclosure and why do you want to see my personal information?
Financial disclosure is giving the other side, the Court and your solicitor all the information and evidence in respect of your current financial situation and future needs. You will be required to provide financial disclosure with your Form E based on the answers that you provide. It is essential that financial disclosure is provided so your solicitor can help you. Without this, they cannot advise you on any financial settlements.
Now that I have my Form E, where do I start?
Section 1: General Information
This section covers your basic information and details, such as: name, address, dates within your relationship and children
Section 2: Financial Details
This part of the form outlines your financial situation. You will need to consider the following and provide any relevant financial evidence or information:
- Property
- For any property that is solely or jointly owned in your name, you need to provide proof of its value, such as a market appraisal and a current mortgage statement.
- Bank Accounts
- For all accounts in your sole or joint name, you need to provide 12 months’ worth of statements. This includes family member’s accounts that you are named on.
- Investments
- If you have investments including shares, PEPs, ISAs, TESSAs, National Savings and other similar accounts, you need to need to provide details and supporting evidence of the value.
- Life Insurance
- Provide details of the company, policy type, and the surrender value.
- Cash
- Any cash you have that is more than £500.
- Personal Belongings
- Any items you own valued over £500 (e.g. car, caravan, jewellery). You will need to provide evidence of their value.
- Liabilities
- Details of any debts, loans, or credit cards in your name. You will need to provide evidence of the amount outstanding.
- Capital Gains
- This applies only if you have investment properties that will incur additional tax when sold.
- Business Assets
- If you own a company or are involved in a partnership, you will need to provide the last year of accounts.
- Pension Valuations
- If you have a pension you will need to provide details of this and contact your pension provider to obtain a Cash Equivalent Transfer Value (CETV).
- Income
- This covers all income, whether from employment, self-employment, or state benefits:
- If you are working – 3 months’ worth of pay slips.
- If you are self-employed – 3 months’ worth of pay slips or tax returns.
- Income from state pension or state benefits – evidence of this.
- This covers all income, whether from employment, self-employment, or state benefits:
Section 3: Income Needs
This section is for you to illustrate your future income and capital needs. It looks at your monthly spending and how much you need to live on each month. You can complete this for yourself and your children.
Section 4: Other Information
This section relates to your current assets and income. Please note any recent or future changes that may affect your source of income or earning capacity. You can also address your standard of living, conduct, or behaviour that the Court needs to consider.
Your solicitor will advise if your conduct or behaviour has legal significance for any financial agreement.
Section 5: Order Sought
This section is where you state the order you want the Court to make. If you're unsure at this stage, your solicitor can advise you on how to answer this
Overview
This document is intended to give you an overview of the Form E and the financial disclosure requirements. Its purpose is to simplify the information, making it easier to understand. However, your solicitor will review and finalise all Court documents with you before they are submitted. Please note that if you are involved in ongoing Court proceedings, you are required by the Court to provide updated financial disclosure for each hearing, starting from the date of the Form E.
What should I do if I want to start divorce proceedings?
Speak to our Divorce law solicitors today
If you need legal advice regarding starting or replying to a divorce application, or simply want to know more about the current divorce process, or regarding matters relating to the divorce ,such as regarding children arrangements or about reaching a financial settlement, then speak to one of our divorce solicitors at hpjv solicitors. Contact us on 01633 242526 or enquiries@hpjv.co.uk
