Glossary

Open Financial Statement

Definition: An Open Financial Statement is the non-confidential record of the financial disclosure exchanged in family mediation.

Reviewed by Chris Yaffes, FMC-accredited mediator (FMC URN 0961A). Last reviewed 9 July 2026.

Unlike the Memorandum of Understanding, the Open Financial Statement, or OFS, is open, meaning it can be shown to the court. It summarises both people’s assets, income, debts and pensions.

The OFS is what allows a judge to see the financial picture when a consent order is submitted, without breaching the confidentiality of the mediation discussions themselves.

Frequently asked questions

What is the difference between the OFS and the MOU?

The Open Financial Statement is open and can go to court; the Memorandum of Understanding is confidential and without prejudice.

Is the OFS shown to the judge?

Yes. It is filed with a financial consent order so the court can check the agreement is fair.

Sources

  1. Family Mediation Council, Code of Practice, familymediationcouncil.org.uk. Accessed 9 July 2026.