In England and Wales, both parties in a divorce have an ongoing duty to provide bank statements, and any other relevant financial information, to reach a financial settlement

It has to be a full, frank and clear disclosure that shows the last 12 months of each account in each person’s sole name. Honest disclosure is the best policy to enable your solicitor and the court to reach a fair decision so that no one is treated unfairly. 

It certainly isn’t worth the risk of failing to provide a full picture of your finances. If this happens, the other party who suspects that you are hiding information, can make an application to court which can then order you to disclose all your relevant finances within a given time period. 

Failure to meet this time restriction could find that you are in contempt of court which may result in a fine or a prison sentence. The court could also order you to pay the legal costs of the other party. Therefore, monetary openness certainly goes a long way towards creating trust between both parties, so that the whole process runs as smoothly as possible and a satisfactory financial settlement can be agreed upon.

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