FAQ – How financial disclosure will be managed in mediation

When couples are deciding how to share their financial assets post separation, it is important that they have an understanding of and are familiar with what is in the family pot. Financial disclosure in mediation is the same as if you were asking a lawyer what a settlement could look like.

What will I need to provide?

You will be asked to provide information about your financial situation and also include supporting documents. Typically you will be asked to complete Form E and then provide the following documents:

1. 12 months’ bank statements
2. Valuations of properties
3. Mortgage redemption statements
4. Transfer values of pensions
5. 3 months’ payslips and P60
6. 2 years’ tax returns
7. Investment details
8. Business accounts

Why do I need to provide this information?

Until this information is provided, it will be difficult for you to make decisions on your finances and how you can separate them. There is a duty of financial disclosure in mediation, in the same way as if you were in the court arena or asking your lawyers to advise. In addition, if you would ultimately like any agreement reached to be approved by the court, the court will also need to have details of your current financial position.

Will I see what has been provided?

Absolutely! Once you have both provided your documents and completed forms, the mediator will prepare a schedule of assets and ask you both to sign The Open Financial Summary to confirm that you have disclosed all your financial assets.  You will also both be able to ask questions and seek clarity on any areas.

When should I start gathering together my paperwork?

It is a good idea to start gathering the information needed ahead of the first mediation session. Whilst it may not always be the case that this information is needed at the first session, it can sometimes take time to gather the information, particularly when it needs to be obtained from a third party.