Ensuring full and frank disclosure in family law financial matters
Full and frank financial disclosure is a mandatory legal obligation in family law. Failure to disclose can result in serious consequences including contempt of court, costs orders, and reopening of settlements.
In Australian family law, both parties have an absolute duty to make full and frank disclosure of all financial circumstances. This obligation is fundamental to achieving fair property settlements and appropriate spousal maintenance orders. Melbourne financial disclosure lawyers help ensure compliance with these obligations while protecting clients from non-disclosure by the other party.
Each party must provide timely, full and frank disclosure of financial circumstances, including:
The duty of disclosure is ongoing throughout proceedings. If your financial circumstances change, you must immediately update your disclosure. This includes receiving inheritances, bonuses, new debts, or any material changes.
Within 28 days of serving proceedings (or earlier by agreement), provide Financial Statement with supporting documents including tax returns, bank statements, pay slips.
Exchange all relevant financial documents. This includes 3 years of tax returns, 12 months of bank statements, superannuation statements, business records.
Parties may request specific information through questionnaires. Must be relevant and not oppressive. Limited to genuine disclosure needs.
Obtain valuations for significant assets - real estate, businesses, collections. Usually by single expert to save costs.
Continue updating disclosure as circumstances change until final orders made. This is a continuing obligation.
Disclosure requirements for trusts:
Complex business disclosure:
Uncover hidden assets and ensure complete disclosure
Ensure compliance and protect from non-disclosure claims
Achieve equitable settlements based on true positions
Financial disclosure is the foundation of fair property settlements. Find specialists in all financial aspects.
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