What is “financial disclosure” and why am I being asked to provide it
12th December, 2025
When relationships end, securing a fair financial settlement is often one of the most significant concerns for separating couples.
Whether matters are resolved through solicitor-led negotiation, mediation, arbitration or formal court proceedings, one ongoing duty underpins the entire process: the duty to provide full and frank financial disclosure.
At Ward Hadaway, our family law team routinely advises clients on disclosure obligations and the crucial role transparency plays in achieving a balanced outcome.
This article explains what disclosure involves, why it matters, and the consequences of failing to comply.
What does “full and frank financial disclosure” mean?
In financial remedy cases, both parties are required to provide a clear, accurate and complete picture of their financial circumstances. This includes not only headline figures but also the underlying documents that support them. Typically, disclosure covers:
- Income: employment, self-employment, dividend income and rental income supported by P60s, wage slips, tax returns and business accounts.
- Property: main home, investment properties, overseas holdings and land supported by appraisals/valuations.
- Savings and investments: bank accounts, ISAs, investment portfolios and cryptocurrency supported by statements and up-to-date balances.
- Pensions: workplace and private pensions supported by Cash Equivalent Transfer Values (CETVs).
- Business interests: companies, shareholdings and director loan accounts supported by business accounts and valuations.
- Liabilities: credit card debts, outstanding loans, tax liabilities and other debt supported by statements and balances.
In court proceedings, this information is provided using a financial statement for a financial order, a form E. Outside the court process, parties will exchange similar disclosure information more often than not using form E, but not in as much detail. Although the format may differ, the legal obligation to provide full and frank financial disclosure remains the same.
Why is financial disclosure so important?
It ensures fairness
The court, and the parties themselves, cannot reach a fair financial remedy settlement without a full understanding of the parties available assets and resources. Full and frank financial disclosure ensures that negotiations are based on reality rather than assumption.
It builds trust and encourages constructive engagement
Financial discussions can be sensitive. When both parties are open about their financial position, it reduces suspicion and allows negotiations to progress more smoothly.
It supports long-term stability
Arrangements reached following transparent disclosure are more robust and less vulnerable to challenge. This gives clients greater certainty and confidence in their future planning.
It is a legal requirement
The duty to provide full and frank financial disclosure is not optional. The courts have consistently reaffirmed the centrality of disclosure in case law, and the duty also applies to voluntary exchanges of information that lead to agreements that are embodied in formal court order, financial remedy consent orders.
What does the case law say?
The duty of disclosure has been shaped by several leading cases:
- Livesey v Jenkins [1985] AC 424
Held, the court could not properly exercise its discretion under the Matrimonial Causes Act 1973 s25(1) unless it was provided with correct, complete, and up-to-date information and so each party was under a duty to make full and frank disclosure of all material facts to the other party and to the court. That duty also applies to exchanges of information leading to consent orders without further inquiry by the court. - Sharland v Sharland [2015] UKSC 60
The court emphasised that a deliberate failure to give full and frank financial disclosure in financial relief proceedings should lead to the setting aside of a consent order, with the only exception being if the court was of the view it would have made a similar order in any event had it been aware of the full and accurate position. - Gohil v Gohil [2015] UKSC 61
Even when significant time has passed, fraudulent non-disclosure can justify the setting aside of a financial order.
These cases illustrate a clear message: the courts take non-disclosure extremely seriously.
Consequences of failing to disclose
A party who fails to provide full disclosure risks:
- Adverse inferences – the court may be more inclined to assume the existence of undisclosed assets and adjust the settlement accordingly as a result of purposeful non-disclosure
- Costs orders – the non-disclosing party may be ordered to pay the other side’s legal costs as the court has the power to make such orders where it considers it appropriate to do so as a result of a party’s litigation conduct.
- Set-aside applications – final orders may be reopened, leading to further litigation, delay and expense
- Prison – Contempt of court proceedings may be brought against a person who makes a false statement in a document verified by a statement of truth, such as the form E. In serious contempt cases a term of imprisonment could be imposed.
- Strategic harm – credibility before the court can be significantly damaged as a result of purposeful non-disclosure.
Attempting to conceal assets almost always results in greater financial and legal consequences in the long run.
Common issues we see
Our team regularly assists clients dealing with:
- Missing bank accounts or unexplained withdrawals/transfers
- Undisclosed online investment accounts or crypto holdings
- Unclear business valuations or misleading company accounts
- Out-of-date pension information
- Overseas assets that have not been declared
- Misunderstandings about whether “non-matrimonial” or inherited assets must be revealed (they must)
Early legal advice can help ensure that disclosure is accurate, comprehensive and compliant.
Practical tips for getting financial disclosure right
Clients often find disclosure more manageable when they:
- Start gathering documents as early as possible
- Provide clear explanations for unusual or large transactions
- Keep records of financial changes during separation
- Respond promptly to reasonable requests for further information
- Seek specialist advice on business or pension valuations where necessary
Our team guides clients through each stage, helping them understand what is required and how to present their financial information clearly.
How Ward Hadaway can help
Full and frank disclosure provides the foundation for reaching a fair and amicable financial settlement. At Ward Hadaway, we combine technical expertise with clear, pragmatic advice to support clients throughout the disclosure process.
Whether you are initiating financial discussions, responding to a disclosure request, or concerned that your former partner has not been transparent, our family law specialists can offer tailored guidance and strategic support.
To speak to a member of our team, please contact us. We are here to help you navigate the process with confidence and clarity.
Please note that this briefing is designed to be informative, not advisory and represents our understanding of English law and practice as at the date indicated. We would always recommend that you should seek specific guidance on any particular legal issue.
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