Going through a divorce brings many challenges, and sorting out the finances often feels like one of the most difficult parts. Before you can work out a fair way to split your assets, there’s an important step that needs to happen: full and frank financial disclosure.

What is full and frank financial disclosure?

Financial disclosure means both people in a divorce provide full, honest details about their money and assets. This covers everything: what you earn, what you own, what you owe and what you’ll need financially going forward.

In England and Wales, the law requires both of you to give full and frank disclosure when getting divorced. This isn’t optional.  It applies whether you’re sorting things out through negotiation, mediation, or going to Court.

The main form used is called Form E—a detailed 28-page document that asks for information about every part of your financial life.

Why full and frank financial disclosure is so important

You can’t reach a fair agreement about money unless you both know the full picture. Here’s why it matters:

  • It makes things fair for everyone. When you both know exactly what money, property and debts there are, you can work towards a solution that properly reflects what you’ve both contributed and what you each need.

  • It prevents problems later on. If someone discovers hidden assets after you’ve agreed a settlement, they can ask the court to reconsider the whole thing—even years down the line.

  • It means you can make informed choices. Good decisions need good information. Without the full picture, you might agree to something that isn’t actually fair.

  • It’s a legal requirement. The courts take disclosure very seriously, and not providing complete information can have severe consequences.

What happens if you don’t disclose everything?

Recent Court cases show just how seriously judges take improper disclosure. In 2023, in Cummings v Fawn, a husband didn’t mention that he’d received an inheritance. When this came out, the Court found he’d committed fraud and threw out the whole financial settlement. The entire process had to start again.

Another case, Goddard-Watts, is even more striking. The couple divorced in 2010, but five years later that order was thrown out because the husband had lied about trust assets. This shows that hiding things can come back to haunt you years later.

If you don’t provide proper disclosure, you could face:

  • Financial penalties

  • Being ordered to pay your  spouse’s legal costs

  • Being found in contempt of court, which, in serious cases, can mean prison

  • Your spouse being able to challenge the settlement at any time in the future

What do you need to disclose?

Financial disclosure needs to cover everything about your finances:

  • Property – All property you own or have a share in, with professional valuations and mortgage details

  • Bank accounts and savings – Every account, including ISAs and children’s accounts, usually with 12 months of statements

  • Pensions – All pension schemes with Cash Equivalent Transfer Values (CETVs)

  • Investments – Shares, stocks, bonds, and digital assets like cryptocurrencies and NFTs

  • Business interests – Detailed information if you’re self-employed or own a business

  • Insurance policies – Life insurance with cash-in value and endowment policies

  • Valuable items – Things worth more than £500, like cars, jewellery, or art

  • Debts – All money you owe, including mortgages, loans, and credit cards

  • Income – Full details from all sources, with payslips, P60s, and tax returns

  • Expected inheritance – Any inheritance you’re likely to receive

  • Trust interests – Any interest in trusts, even if you can’t access the money now

Voluntary disclosure -v- Court-ordered disclosure

  1. Voluntary disclosure is when you both agree to share your financial information, usually with help from Solicitors or through mediation. This approach is usually quicker, less stressful and cheaper than going to Court.

  2. Court-ordered disclosure happens when voluntary disclosure doesn’t work or when you’ve already started Court proceedings. You both have to complete Form E within set timeframes, usually 35 days before the First Appointment hearing.

Whichever way you do it, the legal duty is the same. At the end of Form E, you have to sign a Statement of Truth, confirming everything you’ve disclosed is true and complete. Making a false statement can have serious legal consequences.

Modern money, modern challenges

Digital assets are particularly tricky. Cryptocurrencies, online investment platforms, and NFTs all need to be disclosed, but they can be harder to track and value than traditional assets. Courts have responded by getting tougher on suspected non-disclosure, with strong powers to order disclosure of digital records.

When you might need extra help

Most people can handle financial disclosure with guidance from their Solicitor, but some situations need additional expertise:

  • Complicated business setups – If either of you own a business with complex structures or international operations, you might need a forensic accountant

  • Suspicions about hidden assets – If you genuinely think your spouse isn’t being honest, specialist tracing services might be needed, but you need solid evidence for your concerns

  • International assets – Foreign property, offshore accounts  and overseas pensions make disclosure more complicated

  • Trust arrangements – Working out what interest someone has in trust assets often needs specialist help

Practical Tips for Getting Your Disclosure Ready

  • Start collecting documents early – Don’t wait until you need to fill in Form E

  • Get pension valuations quickly – CETVs can take some time to arrive

  • Be honest about everything – The consequences of hiding things are far worse than any short-term advantage

  • Update your disclosure if things change – Your duty to provide accurate information continues throughout the process

  • Keep copies of everything – Maintain complete records of all documents you provide

  • Get professional advice early – The sooner you involve experienced family law Solicitors, the smoother things usually go

How Farleys can help you

Our specialist family finance team at Farleys has extensive experience helping people through the financial disclosure process. We’ll take time to explain exactly what you need to do, help you gather the necessary documents, and make sure Form E is filled in accurately and completely.

We focus on practical solutions and getting the best outcome for you as efficiently as possible, whether that’s through negotiation, mediation, or court proceedings when necessary.

Financial disclosure might not be the most exciting part of divorce, but it’s absolutely essential. Get it right and you’ll have a solid foundation for a fair settlement that lets you both move forward with confidence.

If you’re going through a divorce and need help with financial disclosure or any other aspect of sorting out your finances, our experienced family law team is here to help. Contact Farleys today to talk about your situation in confidence. Call us on 0845 287 0939, get in touch by email, or use the online chat below.