Suzy Miller interviews David Martin and Suzanne Craig of Knill James Accountants on 3 top financial tips when filing for a divorce.
Filing for Divorce – Financial Tip 1
Where are the bank accounts? Where are all the bank statements – are they only online and how can you access them if you’re not the spouse in charge of the finances?
Don’t forget that if you are feeling uncomfortable about talking to your ex-partner about where the relevant financial information is kept, whilst gathering what you need in order to complete the Form E (also known as the Financial Statement – download it here), then no need to fear – your accountants can make those phone calls on your behalf.
Filing for Divorce – Financial Tip 2
Visit an accountant early as possible
Please don’t turn up 3 days before a Form E needs to be submitted, and make your accountants’ lives hell!
They want to do a really thorough job and it is going to be in your interests if the financial information you submit is as comprehensive and accurate as possible. Don’t bury your head in the sand. Drop the kids at the school gates and get that meeting with an accountant organised as early as possible.
Filing for Divorce – Financial Tip 3
Business valuations take time!
Business valuations take some time to complete, so seeing an accountant early is wise. Don’t leave it all to the last minute. Also make sure that the accountant you use has the expertise and the experience to provide a thorough business valuation.