Your Guide to Form E: Getting to Grips with Financial Disclosure in Divorce

Form E is the detailed budgeting and financial disclosure form that everyone going through a divorce needs to complete when sorting out money and assets. For many people, filling in this form is one of the most challenging parts of the process. If you are feeling overwhelmed, you are not alone. Here are some practical tips to help you work through it and avoid common pitfalls.

Why Form E Matters

Form E is designed to make sure both you and your former partner provide a full and honest picture of your finances. This allows solicitors, and the court if needed, to make a fair decision about dividing assets and working out any maintenance. Being thorough and transparent is important. If you miss things out or try to hide information, there can be serious consequences. You may face extra costs or even be penalised by the court for being dishonest.

Gathering Your Financial Information

Getting started is often the hardest part, especially if your partner used to deal with most or all of the household finances. If you do not have access to your bank accounts, you can visit your local branch with ID to ask for copies of your statements. Staff can also help you set up online banking if you need it. Some banks may require you to book an appointment or speak to someone on the phone, so check their website or give them a call before you go.

You will need to provide details for every bank account you hold, both sole and joint. This means providing the sort code, account number, and up-to-date balances. For each account, you need to supply at least twelve months of bank statements. This is to show your regular spending, income, and any transfers between accounts.

Do not worry if you do not know much about your pensions or investments. Be honest about this on Form E. If you and your ex have joint accounts or joint investments, both parties will need to provide information. If something is missing or unclear, solicitors can raise questionnaires to ask for more detail. This is a normal part of the process.

What Other Information Is Needed

As well as your bank accounts, you will need to provide information on any property you own or part-own, your pension plans, and any investments. For pensions, include details of the provider, policy number, and the most recent statement. For investments, you will need to list things like shares, ISAs, or bonds. If you are unsure where to start, contact your pension provider or financial adviser and ask for a current valuation or statement.

You must also declare any debts, such as credit cards, loans, or outstanding bills. Again, be honest and thorough. It is not uncommon for people to find accounts or investments they had forgotten about once they start gathering paperwork.

Completing the Form: Practical Tips

Form E is a long document and can feel daunting. Most people find it is better to tackle it in sections rather than all at once. Leave yourself plenty of time and do not wait until the last minute. The form saves the most difficult bit until last – the section about your future budget.

This final section asks you to estimate your future spending. This can be tough, especially if you do not know your current outgoings or if you expect your situation to change, such as moving house. If you are not sure where to start, go through at least three months of bank statements, but ideally use a year’s worth so you catch any annual expenses like insurance or car tax.

Try to list everything – rent or mortgage, council tax, energy bills, food, travel, clothing, and costs for children. Remember your new situation means moving from two incomes in one home to two separate households. Expenses often increase while income may stay the same or fall, particularly if one of you will need to work less to manage home life or care for children.

The court will use this information to decide if both parties can meet their needs from their own income or if one person needs financial support from the other, which is known as spousal maintenance.

Moving Home and Unknown Costs

If you expect to move but do not know the costs of a new home, be as accurate as you can. You can research likely rents, council tax bands, and utility costs in the area where you plan to live. Your solicitor can help you make sensible estimates if you are unsure.

What Happens if You Make a Mistake

If you realise you have left something out after you have submitted your Form E, you must update the form and provide the new information as soon as possible. Both parties are under a duty of full and frank disclosure until the financial proceedings are concluded. If either person fails to disclose assets or income, or deliberately provides false information, the court can reopen the case and impose penalties. Being transparent from the start is always the best approach.

Final Thoughts

Form E is a detailed and time-consuming task, but it is worth the effort. Getting organised, being honest, and asking for help if you need it will make the process smoother and fairer for everyone involved. Remember, solicitors and the court are looking to achieve the best outcome for both parties and for any children involved.

If you are struggling, speak to your solicitor or adviser early. You are not expected to know everything, but you are expected to do your best and keep things as clear as possible. Taking the time to complete Form E carefully is a positive step towards building your future.

Jamie Lowe- Chartered Financial Adviser and Director of True Self Wealth Ltd

Get in touch: 07469 712299 Jamie.Lowe@SJPP.co.uk

To find out more, visit www.truselfwealth.co.uk

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