WHAT WE NEED TO KNOW ABOUT YOUR FINANCES IN DIVORCE

Cotswold Family Law Inkwell

Cotswold Family Law

In order to advise properly as to terms for financial settlement within divorce, we need to see both parties’ full financial details and supporting documents.  Clients can find this an extremely frustrating and drawn-out process, particularly if the other party is not in any particular hurry or will not co-operate.

In terms of getting your own house in order as quickly as possible, you can assist your solicitor by pressing ahead at an early stage to gather up-to-date information and statements.

We can either use the court-designed financial statement (Form E) or a simple schedule and accompanying documents to then provide your own information to the other party and their solicitor.  Either way, we will at least need the following:-

  1. Copies of bank or building society statements for the last 12 months for all accounts in which you have an interest.
  2. Up-to-date statements for any investments you have such as ISAs, shares and bonds.
  3. Details of any life policies that you may hold (either on your own or with your spouse) including those with no surrender value and up-to-date surrender values for policies that will pay out other than on death.
  4. A valuation (formal or informal) for any properties that you hold (including holiday homes, time shares and so on) and an up-to-date mortgage statement if appropriate.
  5. Details of any liabilities you have, including loans, credit cards, store cards and so on and ideally at least an up-to-date statement for each.
  6. Your latest available P60 and 3 most recent payslips.  We also need your latest P11D if appropriate.
  7. If you are self-employed, we require copies of your last two  sets of accounts.  Updated management accounts would also be useful.
  8. Details of any directorships that you may hold and the value for any business interests that you have.
  9. An up-to-date statement for any pensions you hold showing the cash equivalent value (CEV) and also a valuation of your Additional State Pension. Requests for this information can take several weeks to come through and therefore, the sooner you approach your personal pension (or group pension) provider for the details, the better.  It assists if you let them know that this is required for divorce purposes.  Your Additional State Pension valuation can be requested free-of-charge from the Pension Service, using form BR20 (which is readily available online to download).

It is also useful to have a schedule of your monthly income and expenditure.

As you will appreciate, it is quite some task to pull all this information together and if you have therefore made steps to do so at an early stage, we can move matters along much more quickly for you, and then look at providing our advice as to suitable settlement.

For more information about all of these options please contact Cotswold Family Law and Mediation on 01608 686 590 or email at info@cotswoldfamilylaw.co.uk or visit the websites www.cotswoldfamilylaw.co.uk and www.cotswoldmediation.com