What Do You Need to Know about Financial Disclosure Requirements During a Divorce Settlement?

Law Blog

When it comes to divorce settlements in Australia, there is a lot of uncertainty surrounding the disclosure of financial affairs. It can be a daunting prospect, especially when you are already dealing with the emotional turmoil of divorce. So what are some of the details to help you make sense of it all and understand your legal obligations?

The Obligations Surrounding Disclosure

During a divorce settlement, both parties are legally obligated to disclose their entire financial situation. This includes any assets owned by either party (such as real estate or shares), debts, income and superannuation balances. It is important to note that each state may have slightly different rules and regulations surrounding disclosure requirements. Additionally, there may be special circumstances where full disclosure is not required — for example, if one party owns a business or is self-employed. In this case, they may only need to provide partial disclosure rather than full disclosure of their financial affairs.

How to Disclose Your Financial Affairs

When disclosing your financial affairs during a divorce settlement, it is important that you provide accurate information and documents that support your claims. Documents such as tax returns, bank statements, account records and loan agreements should all be provided as part of the process. It is also important that each party acknowledges the accuracy of this information before it can be used in negotiations or court proceedings. If necessary, you may also need to disclose any changes made since the initial filing date — for example, if one party has sold an asset or taken out new loans since then.

Seeking Professional Help

Divorce proceedings can be complex and emotionally taxing on all involved parties—especially when it comes to disclosing financial affairs. It is, therefore important to seek professional advice from a lawyer who specialises in family law issues so that your rights are protected throughout the process. In addition, this type of lawyer can help ensure that all information disclosed is accurate and up-to-date so the process runs as smoothly as possible for both parties involved. And if you're in this position, don't be tempted to try and hide anything, as the repercussions could be serious. The judge may dismiss your actions and rule against you, adding penalties to your misery. You may end up financially worse off than you would have been if you had come clean in the beginning and put everything on the table. So if you're in any doubt at all, ask your lawyer for their advice first.

Contact a local family lawyer to learn more. 


10 April 2023

Break In: Everyday Legal Matters You Should Know About

My name is Jeanette Kennan. I have been a high school legal studies teacher for many years. As such, I am fascinated by legal cases I come across in the media. Family and friends often consult me about minor matters related to the law and although no expert, I can often point them in the right direction. It occurred to me that there may be other people out there who are not aware of basic legal issues. After all, you probably don't think about legal matters related to death, accidents or crimes until you find yourself in a crisis situation. This blog is designed to give you some introductory information about a range of legal topics. Hopefully, it will help you to be prepared and informed should a legal concern arise. I really appreciate you breaking in to my humble little site. Please enjoy.