Obtain Financial Disclosure

After separation and when the question of division of assets arises, it is advisable to obtain financial disclosure from both parties. Financial disclosure is the process whereby both parties provide all details of their financial position to the other party. This then gives a clearer picture as to how assets should be divided to ensure fairness.

Financial disclosure can be done on a voluntary basis, without any involvement with the court. If financial remedy proceedings are instigated by one of the parties, financial disclosure will be ordered by the court and there is an expectation of full and frank disclosure throughout the process.

When parties are able to meet an agreement as to how financial assets should be split, the agreement needs to be drafted into a Financial Order which can then be submitted to the Court for approval. The importance of a Final Financial Order is paramount, many divorcing couples are not aware that their financial claims against each other remain open until such time as the Court has made an Order dismissing them. Even in instances where spouses have legally ended their marriage and obtained the Decree Absolute, this does not necessarily mean that a party is prevented from making a claim against a former spouse or that they are protected from having a claim made against them in the future.

The Court cannot ‘rubber stamp’ financial agreements and the test of approval is that of an objective one. The court does not delve into the facts of the case but looks objectively as to whether the proposed order is a fair one.

It is important to note that if parties reach agreement privately, and specifically without going through the process of financial disclosure, they can instruct a solicitor to draft the Order, but it is likely that the instructed solicitor will be unable to give any advice as to the contents of the agreement.

“Getting the final order right is extremely important as any ambiguity / mistakes can lead to problems with enforceability. It is therefore important that agreements made are clear and that assistance is sought in drafting the order before it is submitted to the court.” Amelia Fernley, Trainee Solicitor – Sinclair Law Solicitors

Our friendly and skilled team of family lawyers are here to provide you with expert legal advice about obtaining Financial Disclosure and other matters. We are committed to providing outstanding service and achieving the best possible outcome for our clients.

To schedule a free 30-minute case review with one of our experienced family solicitors, please call 01625 526 222 or contact us using the form opposite.