Financial Disclosure
The financial information provided is the key factor when deciding if it is a reasonable settlement or not – without such information, no conclusion can be made.
- The documents that both parties have to provide and exchange include:
- A mortgage statement from your property/properties.
- A recent valuation of your property.
- Bank statements from the last year from each bank account you have.
- Life insurance valuations.
- Copy of your business accounts from the last 2 years if you have a business.
- 3 of your last wage slips.
- P60 from the most recent financial year.
- The value of any pension.
These are given as a guide and there will be a few more documents required – for further information speak to an expert to avoid any complications by clicking here.
The Process
The process of a financial disclosure often provides a result in terms of a successful settlement. A Consent Order is prepared if an agreement is reached between both parties, and it can then be lodged with the court for the approval of the District Judge.
If you are thinking about trusting your spouse, or you’re not interested in taking money from your partner, you can sign a Consent Order without disclosure. However, things can become difficult if once the divorce is settled, you discover more assets or fact that you weren’t aware of.
It’s essential to try and achieve voluntary disclosure, because it will not only enable the lawyers to advise on whether the settlement is fair, but it will save both parties a lot of time and money.
Speak to an Expert
Are you a little confused by the whole process of Financial Disclosure? Would you like to hear more from an expert? Get in touch with an expert legal consultant today on 020 7381 8111 or by clicking here. At Hylton-Potts we have huge experience and skills in this field. We are cheaper and better than solicitors.
