Disclosing debts in Form E ========================== what is a form e? ----------------- The [Form E](https://vardags.com/law-guide/financial-proceedings/form-e)is a crucial document in divorce proceedings, providing a detailed account of each party's finances. Both you and your ex-spouse are obligated to provide full and frank disclosure of your financial positions in the form and failing to do so can result in severe repercussions. disclosing your debts ---------------------- During financial disclosure, not only are debts included but they can be just as contentious as the division of assets. Like assets, much will depend on [how a debt is classed](https://vardags.com/law-guide/how-the-courts-decide-a-financial-settlement/debt-and-liabilties-in-divorce) - whether it is matrimonial or a spouse's sole responsibility. Information on debts, or liabilities as the law calls them, are covered in Section 2 of Part 2 of the Form E. You must list all debts you have apart from mortgages and any overdrawn bank building society or national savings accounts. You need to include money owed on credit cards and store cards, bank loans and hire purchase agreements (credit agreements). If you have a joint liability you will need to give the names of the other account holders. As well as providing information on the debts, you must also supply 12 months of statements of your liabilities. The court generally views debts in joint names as shared responsibilities, while debts in sole names are considered the responsibility of the named spouse. However, if a debt was incurred during the marriage for the benefit and support of the family, the court is likely to treat it as a shared debt. Although the court cannot transfer a debt into someone else's name, it can allocate money or property in a way that facilitates the payment of the debt. Therefore, it is crucial to seek specialist legal advice if you have complex debts in your situation. the consequences of financial non-disclosure -------------------------------------------- If a party fails to provide accurate disclosure or conceals assets, the court may later [set aside the order](https://vardags.com/law-guide/how-the-courts-decide-a-financial-settlement/setting-aside-a-financial-order-due-to-non-disclosure) and require them to [cover the other party's costs](https://vardags.com/law-guide/financial-proceedings/costs-orders). In severe cases of deliberate dishonesty, this could result in criminal charges under the [Fraud Act 2006](https://www.legislation.gov.uk/ukpga/2006/35/contents). **If you are going through a divorce and debts are involved, Vardags can help. Click below for a free initial consultation with one of our expert divorce solicitors.** [BOOK FREE CONSULTATION](https://vardags.com/contact "BOOK FREE CONSULTATION") About Us -------- Ayesha VardagFounder & President "A DIVORCE LAWYER WIDELY REGARDED AS ONE OF THE WORLD'S BEST" The Metro Vardags offer a unique approach to the law, specially tailored to the needs of HNW individuals. We offer City-quality representation for your divorce and family law needs. Our lawyers come from the very best universities and receive the very best training - they are determined, diligent, and dedicated to getting the best outcome... [read more](https://vardags.com/about-us) [BOOK FREE CONSULTATION](https://vardags.com/contact) Related Guides -------------- [Disclosing monies owed to you in Form E](https://vardags.com/law-guide/financial-proceedings/disclosing-monies-owed-to-you-in-form-e "Disclosing monies owed to you in Form E") [Disclosing Financial Needs in Form E](https://vardags.com/law-guide/financial-proceedings/disclosing-needs-in-form-e "Disclosing Financial Needs in Form E") [Form E Explained: Financial Disclosure in Divorce](https://vardags.com/law-guide/financial-proceedings/form-e "Form E Explained: Financial Disclosure in Divorce") [How are liabilities and debts treated by courts in divorce?](https://vardags.com/law-guide/how-the-courts-decide-a-financial-settlement/debt-and-liabilties-in-divorce "How are liabilities and debts treated by courts in divorce?") The information on this website is intended as a guide and does not constitute legal advice. Vardags do not accept liability for any errors in the information on this website, nor any losses stemming from reliance upon the statements made herein. All articles and pages aim to reflect the legal position at time they were published, and may have been rendered obsolete by subsequent developments in the law. Should you require specialist advice, tailored to your situation, please see how Vardags can help you.