I am sure that those who have been through the process of sorting out their finances on divorce will be very familiar with the form known as a form E.
For those not so familiar, Form E is the lengthy document which each spouse completes to provide details of their financial circumstances. That form is akin to a tax return– lengthy, needing a lot of detail and asking questions that are not always easy to understand.
Both spouses have to provide information in the form E about their bank accounts, income, pension, and any businesses, as well as their monthly budget and details of what housing might be suitable. The form E lists numerous documents to be attached to the form E including 12 months statements for every bank account.
The reason for this form is so that the other spouse, any legal representatives (and the court if involved) know the full range of assets each spouse has and what they need. It is the foundation of good negotiation. It avoids anything being missed.
The details given in form E will form the evidence that each spouse will provide in support of their case. As such it has to be presented correctly. There is no second chance. Do not under estimate how important it is that all relevant information is included; eg were monies inherited?; is there a reason why one spouse should receive more than the other?; what is the background to the business?.
There is a tendency by some to try to skip form E to save costs.
Missing out the form E does not save costs – it leads to lengthy correspondence asking for yet more information and documentation. If you are going to sort out your finances on divorce use the form E. Have some legal advice prior to finally completing it. It could make a significant difference to the outcome of the negotiations. Why would you not want to make things simple!
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