In family law, a key step in finalising a property settlement is the exchange of financial disclosure. This requires both parties to provide full and frank details of their financial circumstances before the matter can be resolved. This step is essential, property cannot be divided fairly unless both parties understand the full extent of the matrimonial asset pool.
Full financial disclosure includes a wide range of information, such as income, savings, debts, superannuation, investments, businesses, and real estate. It also extends to jointly held assets, assets held with family or friends, and even overseas property. Whether or not disclosure is convenient or comfortable, if the information is relevant to the matter at hand, it must be disclosed.
With the Family Law Amendment Act 2024 now in effect, full and frank financial disclosure is no longer just a procedural expectation, it is a legal obligation. Concealing assets or misrepresenting financial position is not only unfair, it constitutes a serious breach of the law. The Court can impose cost penalties, set aside property orders, or refer the matter for investigation.
This reform is part of broader changes aimed at making family law more transparent and efficient, particularly in areas such as divorce, property settlements, and parenting arrangements.
If you need legal support with your property settlement, our experienced family law team is here to guide you every step of the way. We understand that separation can be a stressful and emotionally challenging time, especially when it involves dividing assets and navigating complex financial matters. Our team will work closely with you to ensure your rights are protected, your obligations are clear, and your future is secure. Whether your matter is straightforward or involves more complex assets and business interests, we provide practical, tailored advice to help you reach a fair and timely resolution.
Call us today on 1300 285 888 to arrange a confidential consultation and take the first step toward resolving your property settlement with clarity and confidence.
