What should I include in a Schedule of Outgoings?

During the process of financial disclosure in divorce it is necessary to provide a Schedule of Outgoings. A Schedule is a detailed list of a person’s essential and non-essential monthly outgoings.

When creating a Schedule, it is important that precise actual figures are used, rather than assumptions or estimates. A good way to obtain this information is by reviewing the previous year of bank statements to identify regular outgoings, and infrequent expenses.

Essential outgoings include housing, transportation, childcare, food, financial obligations such as debt repayment, and essential bills.

A common mistake that is often made when preparing a Schedule, is to forget to include minor daily expenses, or irregular and occasional outgoings. These could include outgoings like health insurance, personal expenses, pet care, lunches at work, car maintenance, holidays, or annual subscriptions.

By being realistic and thorough in the preparation of a Schedule of Outgoings, you will gain clarity over your current financial commitments, and your future financial and income needs.