Financial Disclosure in Family Law

Introduction

Financial disclosure is a fundamental requirement in family law proceedings. Both parties must provide complete and honest information about their financial circumstances to ensure fair property settlements and child support assessments.

What Must Be Disclosed

Assets

• Real estate properties
• Bank accounts and investments
• Superannuation funds
• Business interests
• Vehicles and personal property
• Insurance policies

Liabilities

• Mortgages and loans
• Credit card debts
• Tax liabilities
• Business debts
• Guarantees given

Income

• Employment income
• Business income
• Investment returns
• Government benefits
• Other income sources

Required Documents

• Tax returns (last 3 years)
• Bank statements (last 12 months)
• Payslips and employment contracts
• Superannuation statements
• Property valuations
• Business financial statements
• Loan and credit card statements

Consequences of Non-Disclosure

• Court orders for disclosure
• Adverse inferences drawn
• Cost orders against you
• Setting aside of agreements
• Contempt of court charges