Monday, 19 Sep 2016

Sorting out Finances on Divorce- what documents are needed?

Sorting out Finances on Divorce- what documents are needed?

Before being able to advise on a likely financial settlement, there is a fundamental requirement for both spouses to provide full and frank information about their financial situation.

This means that they must be entirely open about their income, property, capital assets, pensions and debts and provide documentary evidence in support.

It established law that where there has been fraud or non-disclosure, any orders or agreements can be set aside.

Although a laborious task, it is of crucial importance that you get together your financial documents to give to your legal representative, before any meaningful negotiations regarding a financial settlement can take place.

Listed below are the documents you should gather together:-

Properties

  1. Any valuation obtained within the past 6 months. If you do not have one, it would be helpful if you could obtain 2 or 3 from local estate agents.
  2. A recent mortgage statement in respect of each property

Bank Accounts

Bank statements for the last 12 months in respect of every account held in your sole or joint names, or alternatively held in the name of another person, to include all personal bank, building society and National Savings accounts.

Investments

The latest statement of dividend counterfoil relating to all investments, include shares, PEPs, ISAs, TESSAs, National Savings investments, bonds, stocks, unit trusts, investment trusts, gilts and other quoted securities that you hold or have an interest in.

 Insurance Policies

Surrender values of all insurance/endowment policies that you hold, including details about any shortfalls, expected bonuses at maturity and the date they are due to mature.

 Employees

  1. P60 for each for each job held to the last 5th April.
  2. P11Ds if they exist.
  3. The last 3 months’ payslips for each employment.

 Businesses and Self Employed Persons

  1. The last 2 sets of financial accounts for each business.
  2. Any documentation that supports the value placed on the business.
  3. Copy of the last tax assessment, if available, or if not, a letter from the accountant confirming the person’s tax liability.
  4. If there has been a significant change in net income since the last set of published accounts, a copy of the management accounts to date.

 Pensions

  1. A recent statement of CETV for each pension (including SERPs and AVCs).
  2. If any is not yet to hand, a copy of the letter requesting it.

 Other Assets

If you have any other assets not dealt with above, documents will need to be produced showing their value.

 Debts

If you have debts, whether loans, credit cards or other, you need to gather your most recent 3 statements or the original loan agreement.

Schedule of Expenditure

This will set out the budget of your current income needs and future income needs. A pro forma can be supplied to you if necessary.

 This list is not exhaustive. There may be additional information that you will be required to disclose, but for now this will suffice.

Doing this ground work early on will hopefully increase the speed at which financial issues can be resolved.

If you require any further information on divorce or any other family matter, please contact Liz Hebden, ( AWB Charlesworth Skipton Solicitors) on 01756 692 871 or elizabeth.hebden@awbclaw.co.uk

 

 

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