Honesty and transparency are essential for resolving family law and divorce issues.

The Family Law imposes the responsibility of “full and frank financial disclosure,” which requires everyone to be transparent and open about their financial circumstances. The purpose of the responsibility is to let the other party understand your current financial status.

Financial disclosure includes disclosing information that has been recorded in a paper document or otherwise stored, such as electronically on a computer or other device. Examples include your tax returns, Notice of Assessments, bank and credit statements, payslips, loan agreements, and any other documents listed in Rule 13.01 of the Family Law Rules. Documents that the other parties are not aware of must be disclosed.

When the parties start considering a settlement, the duty of disclosure commences and lasts until the matter is settled. If the matter proceeds to the final hearing, financial disclosure must be disclosed to the opposing party on an ongoing basis until then.

Here are a few key items to remember:

1. If you and your ex have reached an agreement, you should both be aware of the other party’s assets. Before attempting to finalise their agreement, parties to a separation should make a thorough record of what they each own by filling out a financial statement or this table.
2. As circumstances change (for example, after selling an asset or spending money from a bank account), or when new documents are created (for example, new bank statements) or come into their “possession, power, or control,” parties in a family law dispute must continue to provide financial disclosure documents.
3. No agreement can be formalised between the parties if one of them has not provided “full and frank disclosure” or if the value of the property pool’s assets and liabilities has not been agreed upon.
4. The court may rescind consent orders and binding financial agreements that were entered without “full and frank disclosure.” If one party refuses to reveal financial information while the lawsuit is pending, they may be held in contempt of court.

If you have any questions relating to financial disclosure, property settlement or any other family law matters, feel free to contact Connor Hunter family lawyers in Brisbane.you leave a lasting legacy for your loved ones.