Divorce Guide

Financial Disclosure

Financial disclosure is the first step to proceed towards any financial settlement in case of divorce, no matter whatever complications you have. It is no doubt a very tedious procedure, but essential though. It is not only required for the fair settlement but is also helpful in proving your case. It provides quick resolution to you and spouse.

If in any case, you think of not disclosing the financial assets, then it would be you who suffers. The court makes it mandatory to disclose all your assets and financial statements before you proceed towards the financial settlement. You cannot hold back or reserve any financial information from the court.

Before moving forward, it is important to understand a term called “affirmative obligation”. Both the husband and the wife, before asking for any kind of financial settlement need to be affirmatively obligatory to each other. It means that both the parties need to disclose all the financial information or data to each other even before the other party asking to do so. It is your mandatory duty to reveal your financial position to each other lest it would quash any agreement or order.

If you “think” of hiding any relevant (or irrelevant) financial information, your case would definitely suffer adversely. First, it would be invalidated for any agreement or order. Secondly, it would negatively affect your credibility and make your case weak.

The court would require all the financial information for making a fair and transparent process. Now, since you have come to know how obligatory it is to divulge all the financial information and your financial position for acquiring financial settlement, let us know what all are the necessary documents required.

1. Recent mortgage statements;
2. Copies of any valuation obtained on any house or other property in the last 6 months;
3. Copies of statements covering the last 12 months in respect of every Bank, Building Society or National Savings Account which are held, either in your sole name or jointly with another;
4. Surrender value quotations for all insurance policies;
5. Copies of your last 3 payslips
6. Pension valuations; including the cash equivalent transfer value;
7. Copies of the last 2 years financial accounts for any business;
8. Details of any debts or liabilities;
9. Copies of credit/store card statements;
10. Details of all other assets/investments;
11. Details of inheritances likely to be received in the foreseeable future.

Although these are just a list of documents required to be disclosed, the exact details can be given only by your lawyer. It is important for you to proceed carefully in such a case lest it would delay your case.

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