Settling financial matters involves a two-stage process. The first of these is information gathering and it is important for there to be full and frank disclosure of both parties’ financial circumstances before any settlement is negotiated.
“Disclosure” means exchanging the following information with your spouse:
- Details of your income, your last 3 months pay slips, your P60 or evidence of your entitlement and receipt of state benefits.
- The last 12 month bank statements for all of your accounts whether in joint names or your sole name or in debit or credit.
- Details of any stocks and shares that you hold including their up to date value.
- Information relating to your pension, including the Cash Equivalent Transfer Value (CETV). It can take up to 3 months for pension companies to prepare this. It is advisable to apply for this straight away.
- Valuation of any property that you own.
- Details of any liabilities that you have.
- Details of any business holding, including your accounts for the last 2 years.
- Details of any anticipated inheritances or property you may be likely to receive now or in the future.
- Details of your outgoings on a monthly basis.
This is not an exhaustive list. Much will depend upon the circumstances of your case. It is advisable to collect together as much of the above information as soon as possible.