Divorce Proceedings - Financial Settlements

da_mic_1530 · 12 Apr 2014 at 18:33

Naturally the obvious choice for a thread on divorce is a specialist computer forum...expect to see me popping up in the internet dating thread soon

I'm after a bit of advice from people who may have been through all of this before. Without boring you with the details, me and the wife have agreed to split, and now see wants £XX financial settlement.

Now she's verbally told me of what is is she wants, and I can accept what she wants with a view to avoiding the expense of court.

I don't currently intend on getting a solicitor, I'm just going to pay 50% of her solicitors fees with a view to an amicable divorce....

The question - Her solicitor wants me to financially "disclose" my information, (12 months bank statements, 3 months payslips etc) is this standard practice at this point? I was hoping I would receive a proposal through the post (as per our verbal discussion) which I could be sign and be done with it. This suggests she may want more, however if it's just the "done thing" I can rest easier.

Depending on the replies I'll seek legal advice.

Many thanks for any sensible replies

da_mic_1530 · 12 Apr 2014 at 19:21

Many thanks all, *sigh* legal fees ahoy!

No kids

I was hoping there would be no need for me to waste money on a solicitor UNTIL I see a financial proposal that I don't like. This was the key point for me, if she'd have sent me a solicitor's letter with "I would like XYZ", I could then,

A. Say yes
B. Say no and get a solicitor myself

The fact they want to see all my finances first means I just have to start paying for one much earlier

Top tip to all, no matter what, sigh a blooming pre-nuptial before marrying!

da_mic_1530 · 12 Apr 2014 at 19:22

Also, the reason for the thread is that I'm worrying on a weekend, and I can't ring for legal advice until Monday. Was hoping to calm my nerves

da_mic_1530 · 12 Apr 2014 at 19:36

Without wanting to divulge to much on a public forum....

No kids
8 years together, 4 years of joint mortgage, 1 1/2 years (how embarrassing) of marriage
I earn 15k more
Both full time employed

Reason for divorce, she wants to be "young" again, and is basically blaming me (unfounded IMO, but it's a moot point in the grand scheme of things)

So, in summary, headlines from OCUK are,

1. Get a solicitor
2. Don't give her financial disclosure

My original question still stands however, even if I do get a solicitor, there will no doubt be the disclosing of finances in order to understand both parties current status.

da_mic_1530 · 12 Apr 2014 at 19:51

RaohNS said:
Going through the divorce mill myself at the moment.

If you are seeking financial remedy then you will have to disclose the information. If you go for a clean break (separation deed) then it comes equipped with a sentence (legal term) that "both parties have viewed each others personal finances (and sometimes assets).

Get a solicitor by all means. With no kids the starting point for divorce and finances will be 50/50. Me personally I would take the offer but thats only because I've shelled out over 20k vs 0.00 for my ex.

Thanks, current experience was what I was hoping for, it's easy to say "tell her to do one" however I've been told that it will cost more in court than she's asking for in the long run. The main question was regarding the disclosure of the finances, which you have answered.

da_mic_1530 · 14 Apr 2014 at 20:44

Dolly said:
I'll caveat this by saying I haven't read the whole thread so apologies if someone has already answered your question.

In summary:

- Yes, it is standard practice to exchange financial disclosure - this can be by letter, asset schedule with supporting documents or a voluntary Form E (these are available from HMCTS website)
- Your spouse can waive the disclosure requirement by telling her lawyer she's satisfied that she knows what the assets are, and what you've agreed.

Good luck with it all.

Again, thanks for clarification,

Just for the sake of completeness to help anyone in the future I intend on keeping this thread updated (pending it all going ***'s up and not clashing with the law...)

Once it's all been settled I might type up my "complete" experience, as online forums are usually written by women on this subject

Finally, I've received financial advice, as my wife already knows my EXACT financial footing, financial disclosure is kind of a moot point. So I'm going to send the documents, it's now about awaiting their opening offer and seeing where we will go from there.

I *really* appreciate the kind words in this thread