If you are in the process of separating and settling financial matters, it is vital that you understand the importance of providing and receiving financial disclosure to and from your former spouse.
Table of Contents What is financial disclosure? What is financial disclosureIn family lawfinancial proceedings, Rule 6.06 of the Family Law Rules imputes each party with a duty of full and frank disclosure. This means that you must provide to your former spouse all information financial relevant to the dispute, and vice versa. You and your former spouse will be required to provide to each other copies of all financial documents that relate to your property settlement. A document will be relevant if it discloses information on your assets, liabilities and superannuation entitlements. Examples of financial disclosureBelow is a general list of disclosure documents that you may be required to disclose:
Failure to provide full and frank financial disclosureShould either yourself or your former spouse fail to provide sufficient financial disclosure, the Court has wide discretion with regard to consequences. The Court may simply order the non-disclosing party to provide further financial disclosure. The Court may even require the non-disclosing party to pay the other party’s legal costs. Alternatively, the Court may find the non-disclosing party guilty of contempt of Court and issue a serious penalty or fine. Another approach the Court may take is to dismiss the non-disclosing party’s application. Ultimately, a failure to provide sufficient financial disclosure demonstrates a lack of respect to the Court and may negatively impact any family law related matter. None of these outcomes are favourable to any party involved, therefore it is always the best option to disclose as much financial material as possible to avoid an adverse outcome. We advise that you provide as much disclosure as possible from the outset and your solicitors should be able to discern which documents are relevant or not. What if my former spouse is not disclosing all financial material? financial disclosureIf you believe that your former partner is withholding financial documents, and your matter is before the Court, there are processes via the Court rules that your family lawyer can pursue on your behalf. For instance, you may wish to:
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