Do you have to declare your finances in a divorce?

Answer

All joint and sole assets have to be declared by both parties during divorce proceedings so that you ensure that a full, clear and accurate position is presented of your finances. During financial remedy proceedings in a divorce process, your participation will entail two preliminary hearings and a concluding hearing. Prior to the initial hearing, it is essential to complete a document known as "form E." In this form, you must meticulously outline all your assets, and outstanding debts, and substantiate these claims with supporting documentation. This is necessary to enable the court to gain an understanding of the finances involved in the divorce.

Failure to do so, or any attempt to hide assets, is illegal and would certainly complicate and delay reaching an amicable financial settlement. 

Courts could also choose to impose several punishments if assets are not declared, including being in contempt of court or requiring you to pay the legal costs of the other party. 

Although it is possible to get a divorce without a financial settlement, this is not advisable, and it makes perfect financial sense to divide the assets fairly so that both parties are left in a position of equal standing.