Clean Break Provision

16 MAY 2022 19:00

Full and Frank disclosure is normally done by completing a Form E which is a large form whereby each spouse will have to disclose all of their assets and financial affairs and provide supporting documentation such as valuations and bank statements to support the figures that have entered on the form. Seeking Full and Frank disclosure is strongly advised and settling your matter without such disclosure will be done with some degree of risk as you will not know your spouse’s full financial background.  The Form E process will be ordered by the Court if an application for a financial order is made. The process can be done outside of the Court arena with the consent of both parties, and it is normal practice for the Form E exchange to take place simultaneously at an agreed date and time. 

 

It is possible, to settle the matter without full and frank disclosure, however this will be done with risk as you will only have basis disclosure under a Statement of Information which only provides a basic overview of property, capital, liabilities and pension value. There is no requirement to submit supporting documents to support the figures entered into a Statement of Information.

 

It is also possible to settle the matter by attending mediation, which is required before making an application to the Court. Mediation has its own disclosure rules and will engage the parties in discussions to try to settle the matter outside of Court. Mediation agreements are however not binding, and any agreement should be incorporated into a Clean Break Consent Order immediately after attending mediation.

 

There is great importance regarding settling your marital finances by obtaining a Clean Break Order as this will extinguish any claims between spouses. Divorce Proceedings can conclude without obtaining a Clean Break Order, if this is done then the matter of marital finances can be opened at a later date.

 

Especially with the introduction of the No Fault Divorce in April 2022, it is important that you consider seeking legal advice at the earliest opportunity in order to discuss Divorce Proceedings and the settlement of matrimonial finances to ensure that you are protected against any future claims against your assets.

 

For further information, please do not hesitate to get in touch with us for your FREE 30-minute appointment. Please contact Gomer Williams & Company via telephone on 01554 755101 or by email on contactus@gomerwilliams.co.uk.

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