Do I Have to Disclose My New Partner’s Assets
June 2023
If you are in a new relationship but have not obtained a divorce financial settlement from your former spouse it can be worrying to think that your new partner’s financial circumstances and assets could get dragged into your divorce.
In this article, our family law solicitors look at the relevance of a new partner’s assets in financial settlement proceedings and financial disclosure obligations to help you understand the potential relevance of a new partner’s assets in financial settlement proceedings.
Initial Discussion
This summary provides general information and does not constitute legal advice on any individual circumstances.
For an initial discussion and a no-obligation quote, get in touch with us today by simply calling us on 01234 343134 or email us at enquiries@fullersfamilylaw.com and a member of our team will get back to you.
Financial Disclosure and Negotiating a Divorce Financial Settlement
Whether you are trying to reach an agreement through solicitor negotiations, roundtable meetings, or family mediation, financial disclosure is usually the first step in negotiating a divorce financial settlement.
You may be asked to complete a Form E to provide financial disclosure. The Form E must be completed by a husband and wife in financial settlement proceedings. The Form E asks you if you are in a new relationship and if you are cohabiting or intending to do so.
Do I have to Disclose my New Partner’s Assets?
The Form E asks you to provide information about your cohabitee’s income and assets. Many people question why their partner’s circumstances are relevant and, if they do not have much information, say they are embarrassed to ask their partner. However, all the Form E requires you to do is to provide the information known to you rather than to make inquiries about your new partner’s finances.
In some situations, you may feel that it is worthwhile asking your new partner about their assets because you know your estranged husband or wife will not negotiate a divorce financial settlement without information about your new partner even though your partner’s financial circumstances may be of limited relevance. For example, you may think disclosure would be beneficial if your new partner is on a modest income, does not own property, and has debts.
The Relevance of a New Partner’s Assets to Your Divorce Financial Settlement
A new partner’s assets can be relevant in some divorce financial settlements but, in many cases, they are not. For example:
- A husband meeting a multi-millionaire and moving in with her. The ex-wife may think that her ex-husband has no need for money and that she should get to keep all of the family assets because her ex-husband has a new partner. The former husband should not be deprived of his share of the matrimonial assets simply because he is in a new relationship. However, the fact that the ex-husband’s housing needs are met will likely be relevant when considering what share of the assets the former wife requires to meet her own housing needs.
- A wife moving in with her new partner and her ex-husband arguing that the ex-wife does not need spousal maintenance as she has a new partner. The court can order spousal maintenance even if a spouse is in a new cohabiting relationship. However, the new partner’s income will be taken into account when considering the level of maintenance that should be paid and how long it should be paid for.
A specialist family solicitor can advise you on the relevance of your new partner to your divorce financial settlement and whether financial disclosure will be required.
How Can Fullers Help?
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For an initial discussion and a no-obligation quote, get in touch with us today by simply calling us on 01234 343134, filling in the form below or emailing us at enquiries@fullersfamilylaw.com and a member of our team will get back to you.
