Your financial disclosure during divorce…
When you get a divorce or civil partnership dissolution, you will need to divulge the details of your finances. This is known as financial disclosure. At Harrisons Solicitors we can help you with this, ensuring both you and your ex comply with your legal obligations.
If you would like to speak to one of our family law solicitors about getting a divorce or civil partnership dissolution, please do not hesitate to contact us today.
For more information about financial disclosure in divorce, including how to prepare, please download our free guide.
Financial disclosure explained
During the divorce process, each person must provide ‘full and frank financial disclosure’. This means being completely honest about the state of all your finances, including details of both your assets and your debts.
The purpose of doing this is to ensure that each person gets a fair financial settlement. Unless all the cards are on the table, it will not be possible to accurately negotiate the division of assets, and one person may be denied their rightful share.
If you complete the divorce process with the help of a third party (such as a family solicitor, court or mediator), then financial disclosure is one of the first things you will be asked to do. Your ex-spouse will be asked to do the same.
Neither person is allowed to hide assets. In fact, hiding assets during the divorce process is against the law. If you suspect your ex is failing to disclose financial assets in a bid to keep them from the divorce pot, you need to tell your solicitor, rather than taking matters into your own hands.
For more detailed information, please download our Guide to Financial Disclosure.
Divorce lawyers for financial disclosure
When you ask us to handle your divorce, we will guide you through every step of the process – including financial disclosure. We will explain what information we need and will help you collect all the necessary paperwork.
Once everything is in place, we will exchange financial disclosure with your ex-spouse’s solicitor.
This will allow us to assess the financial circumstances of each party. We can then provide informed advice about the division of your matrimonial assets, suggesting what a fair and reasonable settlement would look like.
If there is any indication that your ex is being anything but truthful, we will investigate the matter further. If necessary, we will apply to the court to enforce full and frank financial disclosure.
Additionally, if a court order has already been made but it has become apparent that this was based on false information, we can seek remedy through the courts. This may result in your financial settlement being amended.
To speak to a family lawyer about any aspect of your divorce, including financial disclosure, please make an enquiry now.