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What documents do I need to provide for financial disclosure?
If you are going through a divorce and endeavouring to agree financial matters with your spouse you will usually be expected to provide them, or their solicitor, with information about your financial position. This is known as ‘financial disclosure’.
What is financial disclosure in divorce?
Financial disclosure in divorce is where both spouses provide a full and complete record of their income, assets, liabilities, and financial needs to the other party and the court. This is usually done using a Form E financial statement and is supported by relevant documents such as pay slips and bank statements. The process ensures a fair division of the couple’s assets and means future needs are catered for.
What does divorce financial disclosure cover?
Financial disclosure covers all aspects of your finances to provide a clear picture of what is to be divided. The disclosure typically covers things like:
- Income and where it comes from (salary or self-employed, dividends and such)
- pension values
- properties (includes family home, rental homes and overseas property)
- loans and lines of credit (mortgages, credit cards, any other financial obligations)
- property of each party such as cars or valuable jewellery
- monthly expenditure of the home (childcare, food shop costs, insurance and so on)
- Business Interests (ownership or shares in businesses, income and liabilities from this)
- future financial needs (housing, child-related expenses and retirement planning)
It is important to be honest and provide clear and comprehensive information when you give financial disclosure, even if you think an asset should not be split. If your spouse does not have an understanding of your financial position they may be unwilling to enter into an agreement and court proceedings may become necessary.
During court proceedings, you can be forced to provide information or otherwise face court sanctions. It is also important for your solicitor to understand your financial circumstances so that they can give you comprehensive and accurate advice.
How is financial disclosure handled in a divorce?
In the first instance, financial disclosure in a divorce is handled through a voluntary disclosure. This is where both parties volunteer all information needed in a breakdown of their financial situation. Our specialist family lawyers can guide you through this process, offer guidance on what to include, and provide mediators to help both parties come to an agreement. An agreement can lead to a consent order which is a legally binding financial agreement.
If voluntary disclosure fails or one spouse refuses, the courts can order disclosure. This means both parties are court ordered to complete a detailed financial statement called Form E. With the Form E, you will need to submit support documents, and the court may hold a hearing to review the disclosures.
What is the financial disclosure form, Form E?
Form E is the most important document used in the financial divorce process. Find out what makes form E so important here.
If both parties in the divorce provide all the relevant and necessary documentation (as detailed below, it will offer the best opportunity of reaching a swift resolution of financial matters. With these documents shared your Family Law Solicitor will be well equipped to negotiate your settlement.
What documents do I need for financial disclosure?
If you own property and have a valuation from within the last six months this should be provided. If not, it can be useful to invite 2/3 estate agents to give their view as to market value. This is something you should discuss with your divorce solicitor. If any of the property is subject to mortgage, you’ll need to produce a recent mortgage statement. If the property it subject to a trust the trust deed will need to be provided.
You will need bank statements which cover the past 12 months and not just for your main account but for all accounts in which you have an interest. This includes all accounts in your sole name, held with another in joint names or an account held for your benefit. A current valuation will need to be produced for any Individual Savings Accounts, Personal Equity Plans or other saving accounts you might have. If you hold shares you need a dividend counterfoil or other proof will be required to evidence the extent of your shareholding. If you hold life assurance policies surrender values must be produced or evidence that the policy has no value.
If you have an interest in a business either as a shareholder, partner or sole trader you will need to produce:
- Accounts for the last 2 years
- Any other documents in support of the valuation you provide
- Pension
Regarding your pension, a cash equivalent transfer value (CETV) needs to be provided. If you have one which is less than 12 months old this can be used otherwise one will need to be requested. Please be aware these can often take many weeks or months to be produced by pension companies so it is good to make the request as soon as possible.
You will need to provide documents that prove your income. These documents will depend on the source of that income but often include:
- Your last three wage slips.
- P60 for the most recent completed financial year.
- A copy of your tax returns for the last two tax years.
Can I refuse financial disclosure in a divorce?
Under UK law you cannot refuse financial disclosure in a divorce. Financial disclosure can either be done on a voluntary basis and negotiated through solicitors or in mediation, or it can be court ordered as explained above.
It is incredibly important that you are forthcoming about all your finances as it is a legal obligation when getting divorced. If you hide anything or refuse to fully comply, it could lead to:
- penalties, including fines or paying the other party’s legal costs
- the court making decisions without your input, which may not be in your favour
- potential contempt of court proceedings
Do I need to provide a valuation for my business in a divorce financial disclosure?
As part of your financial disclosure, you will most likely need to provide a valuation for any business you own, especially if it a significant asset or provides a majority or all of your income. The valuation is important because it can impact any potential spousal or child maintenance payments.
You will likely need a valuation if you own the business and it has substantial value or assets or there is a dispute over how the business should be treated in the financial settlement.
The valuation is conducted by a forensic accountant or an independent business valuer and will include:
assets and liabilities
- profit and loss accounts
- cash flow
- goodwill (the intangible value of the business)
- shareholding value (if it’s a limited company)
What happens if I think my ex has lied on their financial disclosure forms?
If you believe your ex has lied in their financial disclosure you have a few options. In the first instance you should tell your solicitor. Expert family lawyers can help assess whether the discrepancy is serious and they can request clarification or additional documents from your ex.
You can also request specific documents from your ex if you have an idea of what they are not disclosing such as other bank accounts and business accounts. If your ex refuses, you can apply to the court for a formal disclosure order. The court can request your ex provide any and all financial records and may allow expert investigations, such as forensic accountants or asset tracing.
Industry leading legal support for divorce financial disclosure
Navigating a divorce can be difficult so it helps to have leading experts in family law on your side. Our family law team have extensive experience in securing financial settlements and supporting couples who are separating through financial disclosure.
No matter your situation, our team are here for you and will always put your interests first. Call us today on 0330 041 5869 or contact us online.




