Part of the divorce process is for both the Petitioner and Respondent to provide full financial details to the court.
This is done by both parties completing a Form E.
There is of course a need for full and complete disclosure on both parties.
Remember that the figures shown in this form will form the basis of the financial settlement between the two.
We have recently provided advice services where to say complete disclosure went too far is a bit of an understatement.
We are not for one moment advocating non-disclosure but this was very different.
The gentleman concerned had diligently gone through his financial paperwork and prepared a schedule of all that he owned.
Unfortunately he double counted no less than £50,000 worth of assets.
Some of these were life assurance policies (single premium investment bonds) where the original life assurance company had merged with another and he not only double counted them in two case he triple counted them.
The other problem was a small portfolio of shares that had been transferred to a new broker and those got added in twice as well.
Unfortunately, and I understand why, both the Solicitors and the court failed to spot that the reference/policy numbers were the same. There were very many entries so it was quite easy to miss.
It makes sense if you are completing Form E to buy the services of an independent financial adviser to help ensure that you neither understate or overstate the value of your investment, savings and pension assets.
