Do I Need to Disclose My Assets in Divorce?

Hiding Your Assets during Divorce

If you don’t voluntarily disclose all of your assets, your former partner could ask your Divorce Solicitor to intervene. If you still don’t disclose money or other assets then they could get a Court Order that will order you to disclose everything, or you will face Court sanctions of failing to do so.

If a Judge finds that you have been hiding away some of your assets, they could order you to pay a costs penalty, which may include paying a level of costs to the other party. Other downsides to not providing full financial disclosure include:

• The divorce process will take longer
• Your divorce will cost more because it has taken longer, so you will each need to pay more in Solicitor fees
• It won’t give the Court a good impression of you, and they may make Costs Orders against you
• If your ex finds that you have hidden assets even after your divorce, they could ask the Court to overturn any Financial Order you put in place

Being open and honest about your finances is the only fair way to handle money in divorce. We understand how difficult it is if you’re worried about losing out in your divorce, but our Divorce Solicitors will work with you to reach an agreement that both you and your ex will be happy with.

What Assets are Safe from Divorce?

There are some assets that aren’t likely to be affected by divorce, such as:

• Inheritance
• Property you owned before marriage
• Gifts, e.g. if you parents bought you a car

But you will still need to tell your Divorce Solicitor about these financial assets and include them in your Form E (the form you submit to disclose your finances). You will also need to include:

• Your earnings
• Any savings you have, including investments and shares
• Money you have in the bank, including in business accounts
• Property, or mortgage statements if you are still paying the mortgage
• Pensions
• Any insurance policies you have taken out
• Any liabilities you may have (loans/credit cards)
• Anything else you think is relevant, e.g. a family pet

You should know that just because you tell your Solicitor what you own, it doesn’t mean your ex is entitled to take it all away from you, but it’s also important to remember that when you get married you usually share a proportion (or sometimes all) of your assets with your spouse. So you must both work together to be fair and reasonable when the marriage ends.

We know how stressful divorce can be, and it can be made even more difficult if you feel like you’re losing out on possessions you may have had for years. While your automatic response might be to protect what you have, it’s important to remember that your ex may be feeling the same way.

Some of our Family Law and Divorce Solicitors are members of Resolution which means we are experts at resolving conflicts between former partners.

If you tell us what you’re concerned about, such as if you’re worried about your ex taking your assets away from you, we can work with you to make sure you’re as happy as you can be with your financial situation after divorce. And we can even apply for a Financial Order on your behalf so that the agreement is legally binding.