What Happens After Form E Is Exchanged?
October 2024
Form E is a comprehensive financial statement that requires both parties to provide a full and frank disclosure of their financial circumstances, including assets, liabilities, income, and expenditure.
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.
The exchange of Form E is a crucial step in the financial proceedings, as it allows both parties (and the court if there are proceedings) to have a clear understanding of the overall financial situation. Without this neither party can make an informed decision.
After the initial exchange of financial disclosure (often in Form E format), the next steps typically involve:
- Reviewing the financial information provided by both parties to understand each person's assets, debts, income sources, etc. This allows each side to evaluate the marital ‘pot’ and start to consider proposals for the division of assets and debts.
Checking the financial disclosure to make sure that it is complete, accurate, up to date and that there are no omissions, errors or oversights. If any information is missing, clearly inaccurate or out of date that will need to be addressed, as without this information there is no full and frank disclosure.
If information is missing, inaccurate or out of date or there are anomalies with the disclosure made then the parties can agree (or the court can order) that financial questionnaire can be raised of the other party in order to gain a better understanding of the facts and assets held.
Consideration given to whether professional valuations of -significant assets like property, businesses, and pensions may be required and the cost of such expert evidence. The court can order these valuations or report and how the expert will be paid if this cannot be agreed.
You will meet with your lawyer to discuss your objectives and how they could be met from the marital pot as disclosed. Proposals may be formulated if it is felt that there is sufficient information to do so.
Your lawyer may propose a form of Non Court Dispute Resolution (NCDR) to see whether the case can be resolved with the need to start court proceedings. This could lead to a referral to mediation, a round table meeting, the use of collaborative law, early neutral evaluation or possibly arbitration where appropriate. All these option have different advantages and disadvantages.
The exchange of financial disclosures is an important first step, but resolving financial issues in divorce often involves extensive negotiations, information gathering, and sometimes court intervention when spouses cannot agree. The process aims to achieve an equitable division of marital property which is based on full and frank, open and honest disclosure.
If an agreement cannot be reached through negotiations, and the case has been issued before the court, the case will proceed to a Financial Dispute Resolution (FDR) hearing. This is a court-led process where a judge will review the case and provide an indication of the likely outcome if the matter proceeds to a final hearing. The FDR hearing is an opportunity for the parties to engage in further discussions and potentially reach a settlement with the assistance of the court.
If a settlement is not achieved at the FDR hearing, the case will proceed to a final hearing. At this stage, the court will consider all the evidence and make a binding decision on the financial matters, including the division of assets, maintenance payments, and other financial arrangements.
Throughout this process, it is essential to maintain open communication with your solicitor and provide any additional information or updates promptly. The timeline and deadlines for various stages may vary depending on the complexity of your case and the court's schedule.
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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 contact form below, or emailing us at enquiries@fullersfamilylaw.com and a member of our team will get back to you.
