Financial Disclosure process at TLC

1. Consent to Exchange Financial Information: We will contact both parties to obtain consent for exchanging financial information. 
2. Send Financial Packs: Once we receive consent from both parties, we will send out blank financial packs for completion. 
3. Arrange Joint Session: After receiving completed financial documents (along with any necessary supporting evidence) from both parties, we will contact you to arrange a joint session to discuss finances and/or property. 
4. Document Exchange: One week before the session, we will send a link via email for the exchange of financial documents. 

Why do I need to do Financial Disclosure?

Financial disclosure is crucial in UK divorce proceedings because it ensures a fair and transparent division of assets.  

You and your former partner are legally required to provide a full and accurate account of your financial situation, including income, assets, pensions, debts, and liabilities.  

• Full disclosure helps you make well-informed decisions. 

• Without full disclosure one party could conceal assets, potentially leading to an unfair settlement.  

• Full Disclosure helps protect you from any risk of future disputes or legal challenges.  

Please note inaccurate or incomplete disclosure can result in legal penalties and, in some cases, a reopening of the financial agreement. 

Please read the following information carefully before completing your Financial Disclosure Booklet:

• You are able to obtain independent legal advice regarding Full Financial Disclosure.
• For mediation to proceed in any meaningful way both parties are required to make as full disclosure as possible so that the process is fair and transparent.
• If you are unable to provide exact figures at this stage, a realistic estimate will do which can later be confirmed by production of the necessary documents.
• If you require additional time to complete your FDB please contact us immediately. (We acknowledge that pension information can take 3 months to be received, it is not essential that we wait for this).
• If the FDB does not appear to prompt information about some finances that you hold please discuss this at the beginning of your joint session of Mediation.
• The FDB will be discussed during your first joint session and time is often spent firstly exploring this and where any gaps may be / what questions either party may have.
• We are unable to check through your FDB or the other party’s FDB for any missing information before they are exchanged.
• We are unable to discuss your FDB or the other party’s FDB outside of joint sessions.