Do I Have to Disclose My New Partner’s Assets

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 both parties in financial settlement proceedings. It asks for detailed information about your finances, including whether you are in a new relationship and whether 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 may feel uncomfortable asking for this information.

However, the Form E only requires you to provide information that is already known to you. You are not expected to make extensive enquiries into your new partner’s finances.

In some situations, it may still be helpful to ask your new partner about their financial circumstances. For example, if your estranged spouse is unwilling to negotiate without this information, voluntary disclosure may help move discussions forward—particularly if your new partner has modest means, no property, or existing 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 directly determinative. For example:

• A husband begins living with a wealthy new partner. His former spouse may argue that he no longer needs a share of the matrimonial assets. However, he is not automatically deprived of his entitlement. That said, his housing needs being met may influence how assets are divided.
• A wife moves in with a new partner, and her ex-husband argues she no longer requires spousal maintenance. While the court can still award maintenance, the new partner’s income may be considered when assessing the amount and duration.

A specialist family solicitor can advise you on how your new partner’s circumstances may affect your divorce financial settlement and whether further financial disclosure is required.