Form E 3.1 - Financial needs

[DanielS]

Filling out a list of expected expenditure and confused on how to calculate.

Last 12 months would be based on the former marital home (so larger house, higher council tax/mortgage etc.), whereas I expect FMH will be sold and we will both buy a smaller property in the area.

Should I fill in 3.1 based on last 12 months expenditure, or based on what I estimate future expenses will be in a smaller home?

We have children but no agreements have been made on custody.

 

[Jumper85]

Section 3 covers off what your current expenditure is and separately there is another section when you need to complete your future expenditure needs.

As for the children, it's fair to make some assumptions that they will spend time with you and overnight, therefore they will need a bedroom, you might need to buy furniture, etc. Dependable on the children's age, are they do any large expenditure such as travel requirements, a car, university fees, etc. I'd put anything down here which is a one-off spend in the near future that you will require capital for.

 

[DanielS]

Section 3 covers off what your current expenditure is and separately there is another section when you need to complete your future expenditure needs.

As for the children, it's fair to make some assumptions that they will spend time with you and overnight, therefore they will need a bedroom, you might need to buy furniture, etc. Dependable on the children's age, are they do any large expenditure such as travel requirements, a car, university fees, etc. I'd put anything down here which is a one-off spend in the near future that you will require capital for.

Thank you - so assume I need to state our total combined family costs over last 12 months, and my estimate of my individual future costs over next 12 months?

And then do same for children?

 

[Jumper85]

Thank you - so assume I need to state our total combined family costs over last 12 months, and my estimate of my individual future costs over next 12 months?

And then do same for children?

Use the attachment, wouldn't actually populate Form E, just state on the form you've completed an income and expenditure form for present and future outgoings. NOTE: This is outside of any capital needs, this is purely assessing what your commitments are monthly and what you expect them to be in the future.

 

[Jumper85]

@Ash first time I've tried attaching something. It was basically a blank excel template to accompany the above, has it worked?

 

[DanielS]

@Ash first time I've tried attaching something. It was basically a blank excel template to accompany the above, has it worked?

I can't see an attachment unfortunately - if you've got a Google Drive link happy to use that?

 

[capa]

When compiling your future expenditure don't forget to estimate any increases you may encounter over the next 12 months, increase in mortgage if thats what you're doing, rent deposit to be factored in if that's what your doing, the 25% deduction on council tax if you're living by yourself, expected rise in gas and electric, reduced broadband as you could do this classed as a new customer if you don't stick with previous provider, water consider will you be metered or rates, consider fuel rises for car this will affect amount per month,also include road tax,servicing,insurance(this will rise), debts you're carrying over that have amassed ie solicitor fees etc. Food bill per week/month

Literally think about everything increases and decreases.

 

[Jumper85]

Sent you a direct message @DanielS hopefully that works.

Whilst Capa is right, you should also avoid inflating numbers too much, it will only be scrutinised, especially in court.

 

[DanielS]

Use the attachment, wouldn't actually populate Form E, just state on the form you've completed an income and expenditure form for present and future outgoings. NOTE: This is outside of any capital needs, this is purely assessing what your commitments are monthly and what you expect them to be in the future.

Hi just to double check under present outgoings - do I need to state total household expenditure across both myself, ex and the children; or just an estimate of my proportion of food/energy etc.?

 

[capa]

Ypu need to declare everything that your paying out, it does not include what ex is paying as she will populate that on her form e

 

[Jumper85]

Hi just to double check under present outgoings - do I need to state total household expenditure across both myself, ex and the children; or just an estimate of my proportion of food/energy etc.?

What's the banking situation? Do you both have separate bank accounts or is there a joint account, is that why you're enquiring about total household spend?

Agree with Capa if it's single accounts, if there is a joint account that you both contribute to which contains joint bills, just add a single line as to what you pay into the joint account.