Financial disclosure in mediation
Key facts
- Financial disclosure means each of you setting out everything you own, owe and earn, honestly and in full.
- It covers property, pensions, savings and investments, debts, and income, backed up by documents.
- Disclosure has to be full and frank. Hiding or understating assets can undo an agreement even after a court has approved it.
- Mediation uses voluntary disclosure, modelled on the same headings as the court’s Form E but without the sworn court process.
- The figures you disclose are summarised in an open financial statement at the end of mediation.
Before you can divide anything fairly, you both need a complete and honest picture of the finances. That picture comes from financial disclosure. Each of you lists everything you own, everything you owe and everything you earn, and provides paperwork to back it up. Only then can you and the mediator work through the options in a way that is fair to both of you.
This page explains what financial disclosure is, why it has to be full and frank, exactly what to gather, and what happens if someone is not honest. Disclosure is the first practical step in financial mediation, so it is worth getting right. This is general information, not financial or legal advice.
What is financial disclosure?
Financial disclosure is the process of openly sharing your full financial position with your former partner, through the mediator. It is not about proving who deserves what. It is about making sure you are both working from the same, accurate set of figures. Without it, any agreement rests on guesswork, and a guess can come apart later.
In mediation the disclosure is voluntary rather than ordered by a court, but the expectation is exactly the same: it must be complete and truthful. Both of you see the same information, so neither is negotiating in the dark. The mediator often uses a standard form or an online tool to collect it in a consistent way.
Why does disclosure have to be full and frank?
The phrase you will hear is full and frank disclosure. Full means leaving nothing out, including assets held abroad, in trusts or in a business. Frank means being honest about values and not deliberately understating them. This duty applies whether you settle in mediation or go to court, because a fair outcome is impossible without honest figures.
It matters for a very practical reason too. When you turn a mediated agreement into a consent order, the court needs to be satisfied that the deal is fair, and it relies on the finances you disclosed. If disclosure was incomplete or dishonest, the order can later be set aside.
What do you need to gather?
It helps to collect your paperwork before mediation starts, so you are not chasing documents mid-process. The table below shows the main categories and the sort of evidence that supports each one. Our financial disclosure checklist turns this into a printable list you can work through.
| Category | What to gather |
|---|---|
| Property | Recent valuations or estate-agent appraisals, latest mortgage statements, and details of any other property or land |
| Pensions | A cash equivalent value (CETV) for each pension, plus the latest annual statement. Include workplace and private pensions |
| Savings and investments | Statements for bank and savings accounts, ISAs, shares, bonds and any other investments |
| Income | Recent payslips, your latest P60, and if self-employed your accounts or tax returns (SA302) |
| Debts and liabilities | Statements for mortgages, loans, credit cards, overdrafts and any other borrowing, joint or sole |
| Business interests | Company accounts, a valuation where relevant, and details of your shareholding or partnership |
A note on pensions
Pension values take time to arrive. A cash equivalent transfer value (CETV) can take up to three months to come back from the provider, so it is worth requesting these early. See our guide to pensions and divorce.
What happens if someone hides assets?
Deliberately hiding or understating assets is called non-disclosure, and it carries real consequences. If it comes to light after a consent order is sealed, the court can set the order aside and reopen the whole settlement. The person who hid assets may also be ordered to pay the other side’s legal costs.
Mediators are alert to gaps and inconsistencies, and will ask for missing information. If one person simply will not disclose, mediation may not be able to continue, and the matter can move to court, where disclosure is compulsory on the sworn Form E. Honesty from the start is almost always quicker and cheaper for everyone.
There is a legal duty of full and frank financial disclosure in family financial cases. In court proceedings this is given effect through the Family Procedure Rules and Form E, a sworn financial statement supported by a statement of truth. Mediation disclosure is voluntary and not sworn, but the same standard of honesty applies, because any agreement is only as sound as the figures behind it. A consent order obtained on the basis of material non-disclosure can be set aside.
How is disclosure recorded?
Once disclosure is complete and you have reached agreement, the mediator summarises both of your financial positions in an open financial statement. Unlike the memorandum of understanding, which is written without prejudice, the open financial statement is open, so it can be shared with the court and with solicitors when you apply for a consent order.
This is why careful disclosure pays off. The figures you gather now flow straight into the document your solicitor uses to make the agreement binding. Good disclosure early means fewer questions and delays later.
A full disclosure checklist
It helps to see the paperwork in one place. The list below expands on the categories above, with the documents most people are asked for. You will not need every line, only those that apply to you. Our financial disclosure checklist turns this into a tick list you can work through at home.
| Area | Typical documents to provide |
|---|---|
| Property | Estate agent appraisals or a surveyor’s valuation, the latest mortgage statement, and title details for any other property or land |
| Bank and savings | Around twelve months of statements for each current, savings and joint account, plus ISAs and premium bonds |
| Pensions | A cash equivalent value (CETV) and the latest annual statement for every workplace and private pension, and a State Pension forecast |
| Investments | Statements for shares, funds, bonds and any investment platforms |
| Income | Your last three payslips, most recent P60, and for the self-employed two or three years of accounts or SA302 tax calculations |
| Business | Company or partnership accounts, your shareholding, and any director’s loan details |
| Debts | Statements for the mortgage, loans, credit cards, overdrafts, car finance and any other borrowing |
| Other | Life policies with a surrender value, valuable possessions, and any money owed to you |
How disclosure works, step by step
Disclosure is a short sequence rather than a single event. Knowing the order of steps helps you see where you are and what comes next.
| Step | What happens |
|---|---|
| 1. Gather | Each of you collects the documents above, ideally before the first joint session |
| 2. Complete the schedule | You each set out everything you own, owe and earn on the mediator’s form or online tool |
| 3. Exchange | The completed disclosure and documents are shared, so you both see the same figures |
| 4. Questions | Either of you, or the mediator, can ask for anything missing or unclear |
| 5. Agree the figures | Once the picture is complete, you work from one agreed set of numbers |
| 6. Record | The final figures are summarised in the open financial statement |
The agreement you reach is written up separately in a memorandum of understanding, which is prepared without prejudice so it cannot be used against either of you if the case later goes to court. The disclosure itself, and the open financial statement drawn from it, is open.
Common disclosure mistakes to avoid
A few slip-ups come up again and again. The most common is forgetting pensions, or assuming they are too small to matter, when a workplace pension can be worth more than the house. Others include rounding values down or guessing rather than checking, leaving out a sole account because it feels private, and overlooking money that is owed to you.
Another is thinking you do not have to mention assets you brought into the marriage or inherited. You still disclose everything. Whether an asset is later treated as a matrimonial or non-matrimonial asset can affect how it is shared, but it must be on the table first. Requesting pension CETVs too late is also a common cause of delay, so those are worth ordering early.
Edge cases: overseas assets, trusts, inheritances and cryptocurrency
Some assets are easy to miss. Anything held abroad, such as an overseas property or bank account, must be disclosed even though it sits outside England and Wales. An interest in a trust is disclosed too, along with what you receive from it. Cryptocurrency and other digital assets count as assets and belong on the list, with a recent valuation.
Two questions come up often. The first is inheritances and gifts. Whether an inheritance is shared depends on the circumstances, and it is part of the wider question of matrimonial versus non-matrimonial assets, but either way it is disclosed. The second is a future inheritance you might one day receive. You do not usually have to predict what you may inherit, because it is not yet yours, though a large inheritance that is clearly imminent can be relevant. If in doubt, the safer course is to mention it and let the mediator and any solicitor consider it.
Disclosure and the road to a fair settlement
Disclosure is not an end in itself. It is the groundwork that lets everything else happen fairly. Once the figures are agreed, you can weigh the family home, pensions, savings and debts against each other, apply the section 25 factors, and reach a settlement that a court would recognise as reasonable. Skimping on disclosure tends to store up problems, because a deal built on incomplete figures can be reopened.
Many people take their own legal advice alongside mediation, particularly where pensions or a business are involved. A solicitor can look at your disclosure and the proposed split and confirm it is sensible before it becomes a consent order. That combination, open disclosure in mediation plus a legal check, gives most couples both speed and peace of mind.
Priya and Marcus wanted to keep costs down and agreed to mediate. At the first session it became clear Marcus had not gathered his pension values, assuming they were minor. When the CETVs arrived weeks later, one workplace pension was worth more than the equity in their flat. Because they had done disclosure properly rather than settling on assumptions, they were able to factor the pension into a fair split. The mediator recorded the full picture in an open financial statement, and their consent order went through without the court raising questions.
Frequently asked questions
What does full and frank disclosure mean?
It means setting out your complete financial position honestly, leaving nothing out and not understating values. It applies to everything you own, owe and earn, including assets held abroad, in trusts or in a business.
Is disclosure in mediation the same as Form E?
It covers the same ground and uses similar headings, but mediation disclosure is voluntary and not sworn. Form E is the sworn court version used in financial remedy proceedings. See our comparison of Form E and mediation disclosure.
What if my ex refuses to disclose their finances?
Mediation depends on both people disclosing openly. If one person will not, mediation may not be able to continue, and the matter can move to court, where disclosure is compulsory and enforced by the judge.
Can a settlement be reopened if assets were hidden?
Yes. A consent order obtained on the basis of material non-disclosure can be set aside by the court, and the person who hid assets may be ordered to pay the other side’s costs.
How long does gathering disclosure take?
Most documents you already have or can download quickly, but pension valuations (CETVs) can take up to three months, so it is worth requesting them early.
How many months of bank statements do I need?
Most mediators ask for around twelve months of statements for each account. That is enough to show your regular income and spending and to give a fair picture of your finances.
Do I have to disclose assets I owned before the marriage?
Yes. Disclosure covers everything you own, including assets you brought into the marriage or inherited. Whether something is treated as a matrimonial or non-matrimonial asset can affect how it is shared, but it must still be disclosed in full.
Do I need to disclose cryptocurrency and overseas assets?
Yes. Digital assets such as cryptocurrency, and anything held abroad like an overseas property or account, are part of your finances and must be disclosed like any other asset.
Sources
- GOV.UK, Money and property when you divorce or separate, gov.uk. Accessed 9 July 2026.
- GOV.UK, Financial statement for a financial remedy (Form E), gov.uk. Accessed 9 July 2026.
- MoneyHelper, Sorting out finances on divorce, moneyhelper.org.uk. Accessed 9 July 2026.