Financial disclosure is the process of each spouse setting out everything they own, owe, earn and are entitled to. It's mandatory in contested proceedings (via Form E) and strongly recommended in every negotiated settlement.
What you need to disclose
- Property - homes, buy-to-lets, holiday homes, with mortgage balances
- Bank and savings accounts (usually 12 months of statements)
- Investments and ISAs
- Pensions - get a CETV (Cash Equivalent Transfer Value) for each pension
- Business interests, including shareholdings
- Debts - credit cards, loans, tax owed
- Income - payslips, self-assessment returns, dividends
- Expected inheritances or trust interests
Common mistakes
- Under-valuing pensions (they are usually the second-largest asset after the home).
- Forgetting about deferred bonuses, share options or LTIPs.
- Netting off assets between spouses instead of disclosing everything gross.
- Assuming crypto or foreign accounts don't need to be listed. They do.
This article is general information about the law of England and Wales, not legal advice. For advice on your situation, speak to a solicitor.