Financial Settlement Proceedings

divorce

Financial Settlement Proceedings – The importance of

Full Disclosure

When you are going through a Divorce, Financial Settlement Proceedings can be complex, and one of the most critical aspects of these proceedings is ensuring complete and honest financial disclosure. The UK legal system is built on principles of transparency and good faith, making it imperative that both parties provide a full and accurate account of their financial circumstances.

At Portway Solicitors, we understand the challenges that come with Divorce and Financial Settlement Proceedings. Our legal experts are here to guide you through the process, ensuring that your rights are protected while complying with your legal obligations.

Why Full Financial Disclosure is Essential?

Legal Obligation:

The law in the UK requires both parties to fully disclose all assets, income, liabilities, and financial interests. Non-disclosure can lead to severe legal consequences, including perjury, adverse inferences against you, an unfavourable Final Order and even contempt of court.
Risk of Penalties:
Courts take non-disclosure seriously. If a party is found to have hidden assets, the Court may impose penalties such as adverse cost orders, financial adjustments, or, in extreme cases, imprisonment.
Impact on Financial Settlements:
If dishonesty is exposed, it can significantly weaken your credibility, leading to less favorable settlement terms. The Court has the power to award a greater share of assets to the other party as a form of sanction for deception.
Ensuring the Best Legal Strategy:

Your solicitor can only develop an effective legal approach if they have complete and accurate financial information from you. Withholding details may lead to inadequate legal advice that could negatively impact your case.

Key Aspects of Financial Disclosure

To comply with legal requirements, you must disclose:

All financial assets, including property, savings, investments, and pensions.
All financial interests, including shareholdings in other companies, and interests in contracts or business dealings.
All sources of income, including employment, rental income, and business earnings.
All liabilities, including loans, mortgages, and credit card debts, with supporting documentation.
Any changes in financial circumstances during ongoing proceedings.
Personal relationships that may have financial implications.

Common Pitfalls to Avoid

Attempting to transfer assets to family or friends to conceal them.
Underreporting income or undervaluing assets.
Delaying or refusing to provide necessary financial documents.
Making assumptions that the other party will act fairly without legal intervention.

How Portway Solicitors Can Assist You?

Our legal team is committed to helping you navigate Divorce and Financial Settlements Proceedings with confidence and clarity. We provide expert guidance on: