Published November 2023. Updated May 2026 By Katie McCann, Managing Partner of Lowry Legal.
Divorce financial disclosure is a complex topic that can be a major sticking point when you are looking to reach a financial settlement. Generally speaking, the higher the net worth involved, the more time-consuming the process can be. When significant wealth is a factor, it’s common to touch upon potentially intricate financial arrangements such as trusts, shares, business interests, and overseas properties.
In a sister blog, we asked the question, ‘Can You Divorce Without Financial Disclosure?’ Here, we’ll cover everything else, from completing Form E, to whether you need to declare your new partner’s finances during divorce proceedings. The more you know about the common themes surrounding financial disclosure after separation, the easier it should be to understand your available options.
What is Form E and How Does It Work?
Form E is the official 30-page financial statement used by family courts in England and Wales, through which both parties formally declare their complete financial position. It covers assets, income, debts, pensions, and future needs.
If court proceedings have been issued, completion is compulsory for both parties, with a deadline of 35 days before the First Directions Appointment. Outside of court, it is commonly exchanged voluntarily between solicitors as the basis for settlement negotiations.
For a full breakdown of how Form E works, what each section covers, and how to approach completing it, see our dedicated guide: Form E in Divorce: What it Is, What it Covers, and What Happens Next.
What is Covered By Financial Disclosure?
Financial disclosure in divorce covers all assets, income, debts, and projected earnings. This can often include properties, pensions, credit card debts and loans. All of this will need to be backed up by documents that can be used as evidence of everything you’re including in Form E.
Can You Divorce Without Financial Disclosure?
In divorce, financial disclosure is a legal obligation once an application to the court has been issued. In fact, even when court proceedings have not been issued, it’s vital that both parties disclose their finances. This will allow each solicitor to offer detailed advice to their respective clients.
Refusing financial disclosure in divorce is often viewed harshly by the courts. It could lead to significant delays, additional stress, and in certain cases, even more severe consequences. If you’re going through a complex separation, seeking advice from a high net worth divorce lawyer can make the process much simpler and much smoother.
Can Financial Disclosure Ever Be Waived?
Financial disclosure can only be avoided if both parties agree that it isn’t required. This may mean that they have decided on how to divide assets among themselves, and the agreement has been made in good faith.
It’s important to note that there is no hard and fast rule applicable to all divorces, as each relationship is assessed on a case-by-case basis.
Can I Refuse to Complete Form E?
If two parties cannot reach an agreement, and a court application is issued, they will need to complete Form E separately. The information contained will help the courts and the parties’ legal teams decide how best to split finances fairly. Refusing to produce financial disclosure in divorce could in extreme circumstances result in a fine or, in some cases, a prison term.
What Documents are Needed For Financial Disclosure in Divorce?
Divorce financial disclosure requires you to provide evidence of all income, assets and liabilities on Form E. Although the form has its own checklist, you may need additional documents, which your solicitor will be happy to discuss. The basic documents you should include are as follows:
- 12 months of bank statements.
- A recent mortgage statement.
- Payslips/P60.
- Pension documentation.
Financial disclosure in divorce also requires you to confirm your typical living expenses, such as mortgage/rent payments, the cost of utility bills, food, clothing, etc.
Can Solicitors Check Bank Accounts in Divorce?
A fundamental feature of divorce financial disclosure is that both parties provide a full year of bank statements for every account they hold. This information will be used to analyse expenditure, transfers, payments, etc.
If there is anything suspicious in the statements, forensic accountants may be used, or additional statements may be requested, to complete the financial picture.
How Far Back Does Financial Disclosure Go?
Financial disclosure in divorce usually spans the previous 12 months. It’s possible for one party to request that bank statements go further back than this, but there must be sound reasoning behind the request. If the courts don’t view the request as justifiable, it will more than likely be declined.
What If My Financial Circumstances Change After Submitting Form E?
Both parties are under a continuing duty of disclosure throughout proceedings. If your financial position changes materially after you have submitted Form E, you are required to update your disclosure promptly. This includes, for example, if you receive a significant bonus, inherit money, or your business value changes substantially.
Failing to do so carries the same potential consequences as any other omission, including the risk of a court order being set aside at a later date.
Do I Need to Disclose Assets Held Overseas?
Yes. Financial disclosure in England and Wales is global in scope, so covers all assets wherever they are held, not just those in the UK. This includes foreign properties, offshore bank accounts, overseas investments, and interests in foreign companies.
Omitting overseas assets is treated just as seriously as omitting domestic ones, and in high-net-worth cases involving international wealth, specialist legal advice is particularly important given the additional complexity of valuing and evidencing foreign holdings.
Do Pension Savings Need to Be Disclosed in Divorce?
Although they can sometimes be overlooked in favour of features like savings and valuable properties, pensions should always be included in the financial settlement. A pension sharing order or offsetting agreement can be used to fairly divide these assets.
Are Debts Included in Divorce Financial Disclosure?
During financial disclosure in divorce, not only are debts included, but they can be just as contentious as the division of assets. Like assets, much will depend on whether debts are classed as either matrimonial or a spouse’s sole responsibility. It’s important to note that debts can still be classed as being shared, even when they’re not jointly-signed.
Although the courts won’t be able to change names on individual debts, they will be able to ensure that assets are divided to offset against what is owed.
Do I Have to Disclose My New Partner’s Assets?
A new partner could have a big impact on your financial settlement if you are living together in a settled relationship. To ensure full financial disclosure in divorce, you should declare the relationship, even if they don’t have any assets. Failure to do this could lead the court to draw adverse inferences about your honesty and, if discovered later, could result in a court order being reopened.
Can I Request My Ex’s Business Records During Divorce?
Yes, if your ex is a business owner, you can request financial statements, tax returns, and profit/loss reports to ensure all possible income is accounted for. A forensic accountant may be required for the valuation.
Does My Ex See My Financial Disclosure?
Whether you want to agree to an amicable settlement out of court, or the assistance of the court is needed, financial disclosure after separation is essential. Both parties will need to be completely transparent about their finances for a fair outcome to be reached. Being transparent offers an opportunity to question any information provided and reach a lasting agreement.
Can I Speed Up the Financial Disclosure Process?
When it comes to financial disclosure, accuracy is more important than haste. That said, there are a few measures you can take to make the process as swift and seamless as possible.
These include:
- Gather financial documents early (bank statements, tax returns, asset valuations).
- Be transparent and complete all forms accurately.
- Consider integrated mediation to avoid lengthy, often costly, court battles.
Keen to know more? Get expert legal advice on financial disclosure today.
Is Mediation Accepted by the Courts For Divorce Financial Disclosure?
Mediation can be an invaluable tool in helping couples to separate more amicably. Your mediator may encourage both parties to bring financial documents to future meetings. The forms you both complete will be included in an ‘Open Financial Statement’, which will be recognised by the courts as satisfying financial disclosure in divorce.
How Much Do Solicitors Charge For Form E?
Although it’s not compulsory to seek legal advice when completing Form E, it is highly recommended. Financial disclosure after separation is one of the most important steps in reaching a financial settlement, and professional guidance is often invaluable. The actual charge will vary according to the complexity of the assets you hold.
How Can I Prove My Ex is Hiding Money?
If you suspect that your ex is hiding assets, you should contact a family lawyer. If they are rushing to reach a settlement, or trying to avoid divorce financial disclosure altogether, your concerns may be justified. An established high net worth solicitor may use a freezing order if there is evidence to indicate disposal of a matrimonial asset.
If you suspect your ex is attempting to avoid full financial disclosure in divorce, consider the following five steps:
- Look for Red Flags: Sudden financial changes, missing statements, or a reluctance to disclose assets can be telltale signs of wrongdoing.
- Consult a Family Lawyer: A specialist will advise on legal strategies and appropriate ways to collect evidence.
- Request Court Intervention: Courts can issue disclosure orders if necessary.
- Use Skilled Third Parties: The likes of forensic accountants can uncover hidden wealth, offshore accounts and assets, and other undisclosed sources of income.
- Apply for a Freezing Order: If it’s established that there is a genuine risk of assets being moved, the courts can prevent their disposal.
To read more about the potential penalties for hiding assets, please see our blog.
What are the Risks of Non-Disclosure in Divorce?
Divorce financial disclosure is a mandatory feature of the financial aspect of separation. Without it, you are relying on the integrity of your spouse to be completely open about the full scope of their potentially valuable assets. In short, there would be no guarantees that you’re getting your deserved share.
And, while a settlement can be reopened if non-disclosure comes to light at a later date, this is likely to add additional stress, time, and expense to a process that you assumed had been resolved.
What Happens After Financial Disclosure?
Following divorce financial disclosure, the finances will be reviewed and any questions will be sent to your ex. The questionnaire may cover missing information, requests for further evidence and supporting information, and additional queries about certain assets. Once satisfied, and once any assets being disputed have been valued, your solicitor will then progress to talking about settlement offers.
The process can be summarised as follows:
- Review & Questions: Your solicitor will examine the documents and raise queries.
- Further Evidence: Additional documentation may be requested.
- Valuation of Assets: If assets are being disputed, experts may be drafted in to assess and value them.
- Negotiations: Settlement discussions start based on information disclosed.
What Happens if You Can’t Agree a Divorce Settlement?
If a settlement cannot be agreed, an application will need to be made to the courts. Both parties will need to commit to divorce financial disclosure by exchanging statements of finances. This is followed by the FDA and, once all documents have been submitted, the FDR. A final hearing will be required if a settlement still cannot be agreed.
The final hearing will allow the judge to hear both sides, before they make a binding final order.
Do You Need to Go to Court for a Financial Settlement?
The majority of divorce cases can be agreed without the worry and expense of the courts. Seeking a solicitor who can guide the process should make collaboration the priority, which can reduce legal fees. If a settlement can be agreed amicably, the courts will check that it is fair and reasonable before using it to form a binding order.
To read more about this subject, please see our recent blog.
How Does a Judge Decide a Financial Settlement?
In England and Wales, judges can use their discretion to decide the division of assets and financial arrangements. They will think about the needs of both parties, the welfare of children, financial contributions, assets, income, and potential earning capacity. The overarching goal is to achieve fairness and meet the financial needs of both spouses and dependents.
How Many Divorces Go to a Final Hearing in England and Wales?
When a financial settlement is required, a divorce can go through three steps. They are: the first directions appointment (FDA), the financial dispute resolution (FDR) and the final hearing. This final hearing can last anywhere between a day and a number of weeks depending on the complexity of your case. Recent studies, based on HMCTS/ judiciary data, suggest that around 19% of financial remedy cases conclude at a final hearing.
Lowry Legal Can Simplify Financial Disclosure in Divorce
Lowry Legal is a boutique law firm that specialises in highly complex cases involving significant wealth. We know how important transparency can be in making agreements over the likes of finances and child arrangements, so always work towards collaboration. Our experience of high profile cases means that we’ll adopt the more constructive approach wherever possible, as this is often the quickest route to a favourable outcome.
We also know that no two relationships are ever the same, so we specialise in fine tuning the right approach for your circumstances. Along the way, we’ll speak to you in simple and clear language, to ensure that you fully understand both the immediate challenges and the best routes forward. Although we offer in-house solutions, we can also rely upon expert assistance from the likes of tax professionals and forensic accountants.
To speak to one of our specialist family lawyers, contact us today, or email enquiries@lowrylegal.co.uk.
