Establishing your partner's financial position
A key step in achieving the financial outcome you are looking for in a business divorce is establishing an accurate picture of your partner’s financial position.
As part of the divorce process, you and your partner will be asked to disclose your financial circumstances to each other via Form E, which must be accompanied by supporting information, including:
- business assets, including copies of the business accounts for the last two financial years
- property valuations
- bank statements
- mortgage statements
- insurance policy valuations
- pension valuations
- payslips and P60s
- other useful information, such as credit card statements.
The form also requires each of you to estimate a needs budget – the income needed to cover reasonable outgoings in the future along with capital needs, such as housing or a new car.
Working with your legal advisers, Milsted Langdon’s divorce specialists in Bath, Bristol, London, Taunton and Yeovil can review your partner's Form E and identify errors, discrepancies, areas that need clarification or where information appears not to have been fully disclosed.
We can review information provided to produce more realistic assessments of earnings or drawings from a business and analyse income and capital needs budgets, using the financial data supplied to produce new budgets that more accurately reflect usual spending levels.
Using our forensic accountancy, accountancy, tax and pensions expertise, we can identify additional questions to put to your partner regarding their Form E or other general financial information and supporting documentation that is required.
The judge at your first appointment will consider these supplementary questions and the extent to which they should be answered so our expertise in drafting relevant questions, designed to draw out the correct information, can be of real benefit.
To find out how we can help you, please click the Quick Query button below.