When couples separate and agree a financial settlement, certain documents have to be submitted to the Court. The Consent Order is a document which states the agreement itself. In addition to this, the parties have to submit a financial ‘Statement of Information’. This is known as a summary of the assets, income, liabilities and pension that the parties have at the time they sign the statement. This form is used to assist the Judge in making a decision as to whether the financial … [Read more...]
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 … [Read more...]
Financial Disclosure on Divorce – No longer a game of hide and seek
It is a fundamental requirement of the Court that when a couple are deciding upon the division of matrimonial assets on divorce, both parties owe an absolute duty to provide full, open and honest financial disclosure. As an oligarch’s son Temur Akhmedovrecently discovered, when he was ordered to pay his mother £75m for helping his billionaire father hide millions of pounds of assets from the Court to avoid a sizeable £453m divorce settlement! This fundamental requirement of financial … [Read more...]