After just twelve months of marriage, either spouse may issue a petition asking for the marriage to be dissolved.
Besides the emotional issues involved with such action, there is the practical issue of sorting out the “money” side of things.
Although there is no absolute requirement to instruct solicitors in divorce proceedings, it is usually considered prudent to take legal advice before finalising any financial arrangements.
Some couples manage to successfully negotiate their own agreements and only need advice on how to make these legally binding.
For others, some kind of mediation is required.
Disclosure of financial matters to each other is an essential part of the process in dealing with the financial settlement arrangements.
This is a process which can be lengthy, onerous and costly especially if spouses have lost track of pensions, life policies, share certificates and other financial paperwork.
Completion of a “Form E” obtained from the Court, detailing earnings, ownership of assets, insurance policies, pensions and cash as well as capturing information about liabilities, budgets and debts such as mortgages, loans and credit cards is the main document used for voluntary disclosure in divorces.
All information given on Form E should be evidenced in the form of a statement of outstanding liability or current value for each disclosure which can be readily obtained by telephoning your various providers/lenders.
A well organised divorcing couple can save much time and money by presenting their legal advisers with this information rather than expecting their solicitors to undertake this administrative task.
Their Financial Planner should also be able to provide a statement of assets and liabilities captured in a readily understandable format.
