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Financial Disclosure (Why Statements are Needed?) (7 Posts)
Started By:
10 February, 2018 12:44AM
Financial Disclosure (Why Statements are Needed?)
german8927 - 10 February, 2018 12:44AM
While I do understand that full disclosure should be given so that a comprehensive understanding of financial conditions is achieved, I do not understand why bank statements need to be supplied.

Why is it not sufficient to produce payslips or a letter from your employer stating annual salary along with what percentage bonus might be expected?

If the idea is to figure out how payments and support for children is going work going forward why does a solicitor need to ask for past statements. Okay, one might say because a person could move around the balances etc. But, doesn't revealing your financial transactions reveal at times more than what is necessary?

Especially if you were living apart for awhile and moved on with your life,...particularly if there might be someone new in your life. If for example the wife gleans through the statements and sees payments for dinner at a restaurant or to a florist,...wouldn't this make the process of trying to come to an agreement that more difficult because they're now possibly become irate and would want nothing more than to punish the other person as much as possible?

I think that whats important is the current income and how it will be used to provide support. Additionally, knowing the balances in different accounts is helpful, but going in and reviewing activity, I am not sure how that helps.

Is it possible to only have legal counsels look at the statements, etc?
Re: Financial Disclosure (Why Statements are Needed?)
HatMan - 10 February, 2018 07:19AM
What if you had more than one income stream etc ?? - It is entirely reasonable that bank statements are made available and frankly the legal system has got better things to do than worry if you spend some cash on a few roses and a chicken dinner....
Re: Financial Disclosure (Why Statements are Needed?)
german8927 - 10 February, 2018 11:47AM
The other party is fully aware there's only one source of income. Also they're proposing to have things settled outside of court. If the other party, in their mind doesn't like the way spending is being done and can't it cause them to not want to settle fairly?

If when combined together, the split is 60/40 as far as income is concerned, doesn't it make sense that this be the ratio to cover upcoming payments etc, for the settlement?
Re: Financial Disclosure (Why Statements are Needed?)
davidterry - 10 February, 2018 07:18PM
It is normal to supply bank statements. There are two very good reasons for this (although there may be others depending upon circumstances).

1. They will indicate whether there have been any unusual withdrawals.
2. They will often indicate whether there is a bank account which has not been disclosed.
Re: Financial Disclosure (Why Statements are Needed?)
german8927 - 10 February, 2018 07:54PM
Thank you for your time in responding. Is the spouse able to see the documents too? Is it acceptable for them to view line by line transaction with other intentions such as seeing what type of personal expenditures are being made as opposed to unusual withdrawals? And by "unusual" I am assuming that to mean withdrawals that could be viewed as hiding money.
Re: Financial Disclosure (Why Statements are Needed?)
davidterry - 11 February, 2018 12:00PM
Yes, your spouse needs to see the documents. A solicitor would not necessarily always know what to look for without the input of their client.
Re: Financial Disclosure (Why Statements are Needed?)
Andyk - 12 February, 2018 12:15PM
In my case my ex wife had taken several thousands of pounds from our joint account to "Pay her credit card bill", which was deemed to be a marital debt. it was only going through her bank statements that I found that she hadn't used it to reduce her credit card balance and I reduced the amount she was able to claim from me. Without the statements I would have been none the wiser.
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