8 Finances you have to disclose in a Financial Order
Considering divorce or just beginning the process?
There are several important factors to keep in mind—one of the most crucial is a financial order. A financial order is a legally binding document issued by the family court. It sets out how assets, finances, and property will be divided between separating or divorcing partners. Below are 8 finances you will need to disclose in a financial order:
1. Your Income
Anything that makes up your income, will need to disclosed to your solicitor. This includes; payslips (usually the last 3 months), P60 or tax return, self-employed/business income, dividend or investment income, rental income and state benefits (e.g. universal credit, child benefit etc).
2. Bank Accounts
You need to provide statements for all of your accounts; whether that be your personal or joint accounts. This includes current, savings, ISAs and offshore accounts.
3. Property
All properties must be disclosed, this not only includes your family home and all details associated with it but other properties that you may own or have inherited.
4. Pensions
Both workplace and private pensions should be disclosed. These should include its Cash Equivalent Transfer Value (CETV), which represents the value of the pension if it were to be transferred. A State Pension forecast should also be provided.
5. Investments & Savings
Investments and savings must be disclosed including stocks, shares, bonds, ISAs, cryptoassets, and Premium Bonds. Any business interests or shareholdings in a company must also be declared, as they may affect the overall value of the financial settlement.
6. Debts & Liabilities
All debts and liabilities must be disclosed during divorce proceedings, including outstanding balances on credit cards, personal loans, payday loans, and student loans. Mortgages—along with any arrears. As well as any financial guarantees or obligations.
7. Outgoings
You will need to provide all monthly or annual expenditure; this can include housing costs, household expenses, children costs, transport costs, etc.
8. Other Assets & Future Interests
Vehicles such as cars, and valuable personal possessions like jewellery, art, or collectibles must be disclosed. Any inheritances—whether already received or expected—should also be included, especially if they are imminent or certain. Additionally, any interest in a trust, even if the funds are not yet accessible must be disclosed.
If you have any questions about divorce or need guidance, do not hesitate to contact us today!