fbpx

BLOG

Why Financial Disclosure is so important..

Honesty and transparency are so important when finalising your divorce and family law settlement.

The Family Law requires everyone to be honest and transparent as to their financial position and have imposed a duty of “full and frank financial disclosure”. The purpose of the duty is to allow the other party to understand your true financial position.

Financial disclosure includes disclosure of information recorded in a paper document or otherwise stored, such electronically on a computer or other device and include your tax returns and Notice of Assessments, bank and credit statements, payslips, loan agreements and all other documents that are noted in Rule 13.01 of the Family Law Rules. Documents required to be disclosed include documents that the other parties may not otherwise know exist.

The duty of disclosure commences when the parties start negotiating their settlement until the matter is finalised. Therefore, if the matter was to proceed to a final hearing, then financial disclosure must be continuously disclosed to the other party until the final hearing.

A few important things to take note of:

  1. If you and your ex have reached an agreement, you must make sure you both know what the other party has. This table or completing a financial statement is a great way for parties to a separation to note down what they each have before attempting to finalise their agreement.
  2. The parties in a family law dispute must also continue to provide documents by way of financial disclosure as their circumstances change (such as after the sale of an asset or spending of money from a bank account) or when more documents are created (such as new bank statements) or come into their “possession, power or control.”
  3. If one party has not provided “full and frank disclosure” or the value of the assets and liabilities of the property pool have not been agreed upon, then no agreement can be finalised between the parties.
  4. If Consent Orders (or a Binding Financial Agreement) have been entered into without “full and frank disclosure” then those agreements may be set aside by the Court. If the matter was before the Court and one party refused to provide financial disclosure then they may be found to be in contempt of Court.

For more information about your financial disclosure obligations, give us a call here. Our lawyers can discuss your needs and goals with your and help you finalise your settlement agreements quickly and cost-effectively.

Scroll to Top

AWARDS

Finalist - Corporate Kindness Awards

Issued by Corporate Kindness Awards · Winners announced April 2022

Winner - Sole Practitioner of the Year

Issued by Australian Law Awards · Dec 2021

Winner – Partner of the Year (Family Law)

Issued by Lawyers Weekly Partner of the Year Awards · Nov 2021

Winner - Service Business Award

Issued by Ausmumpreneur Awards · Sep 2021

Winner - Service Business of the Year

Issued by Roar Awards · Sep 2021

Winner - Innovation Award for Legal Education and Change Initiatives

Issued by APAC Insider · Aug 2021

Winner - Top Boutique Law Firm 2021

Issued by Australasian Lawyers · Aug 2021

Winner- Boutique Law Firm of the Year

Issued by APAC Insider · Aug 2021

Finalist - Boutique Law Firm of the Year

Issued by Australian Law Awards · Jun 2021

Finalist - Innovator of the Year Award (Company)

Issued by Australian Law Awards · Jun 2021

Finalist - Innovator of the Year Award (Individual)

Issued by Australian Law Awards · Jun 2021

Finalist – 30 Under 30 Award (Family Law)

Issued by Lawyers Weekly 30 under 30 Awards · Apr 2021

Winner - Rising Stars in Family Law

Issued by Global Corp Media · Mar 2021

Finalist -Rising Star Ausmumpreneur of the Year

Issued by Ausmumpreneur Awards · 2021

Finalist -Social Change Hero

Issued by Roar Awards · 2021

Winner - Boutique Law Firm of the Year

Issued by Australian Law Awards · Sep 2020

Winner - Family Law Firm of the Year

Issued by Corporate Live Wire · Sep 2020

Winner - Service Business Award

Issued by Ausmumpreneurs · Sep 2020

Winner -Emerging Mumpreneur

Issued by Ausmumpreneur · Sep 2020

Finalist - Sole Practitioner of the Year

Issued by Australian Law Awards · Aug 2020

Winner - Rising Stars of Family Law

Issued by APEC Insider · Jul 2020

Winner – Family Law Firm of the Year (Australia)

Issued by International Advisory Experts (IAG) 2020

I love to travel and have already made it to 18 countries across Europe and Asia. My personal goal is to travel to every continent, including Antarctica. My favourite destination so far is Lauterbrunnen in Switzerland, where I skydived over the Swiss Alps!

Outside of the law and travel, I am a qualified lifeguard and swimming instructor, and have taught kids from as young as six months to adults.

I am a passionate environmentalist and animal lover. I advocate for kinder lawyering and living through my volunteer work at local sanctuaries and community organisations. I am an unashamed dance mum extraordinaire to my two lively daughters and wife to my ever so supportive and husband. I adore cats, and have 3 – Ruby, Cleo and Kimba, who are very popular on Instagram! You can check them out here.