Financial disclosure can prove a lengthy and complex part of divorce proceedings and, says Marilyn Bell, the input of a financial adviser can be extremely helpful
Financial disclosure is the due diligence of divorce proceedings. Couples heading down that road have to separate out their finances and financial provision also has to be made for the future. To enable them to negotiate a settlement they need to know the full picture - hence financial disclosure.
Essentially, the couple have to provide to each other all of their financial information. Sometimes they already know it but, more often in a marriage, one or the other has dealt with the finances and, sometimes, one has been quite secretive.