Practical Suggestions for Avoiding Mistakes in Family Law Disclosure
Leave a CommentIn Family Law matters and particularly in property settlement matters, exchanging disclosure is an integral part of the negotiation process to accurately ascertain the asset pool that is the subject of the negotiations. More importantly, all parties have an ongoing obligation to provide full and frank disclosure.
Whilst not the most action-packed or exciting task, providing complete, timely and up to date financial information will save you from significant heartache in the long run as your matter progresses. Not only are there legal consequences for failing to provide disclosure, without disclosure the negotiations will stall and there is no way to prove your financial position. In short, you cannot accurately or fairly divide the pie if you don’t know how big the pie and the slices are to begin with.
Some practical tips to assist you in gathering your financial disclosure documents are:
1. Start gathering documents soon after separation to avoid delays or being locked out of your accounts.
2. Ensure you are familiar with and able to access your online banking, superannuation portals and investment portfolios.
3. Organise your documents clearly and chronologically, this will make it easier to keep track of what you have disclosed and avoid missing anything.
4. If you have larger assets like property, providing a real estate appraisal or valuation will simplify conversations around their worth, given property markets often fluctuate.
5. If you purchase or sell any assets or experience any change in financial circumstances (such as loss of income or incurring a new debt), ensure you keep records and disclosure this as soon as possible.
6. Keep an index of items you have disclosed so that you can track any outstanding items and/or provide evidence that you have complied with your duty.
7. If you are unsure if you need to disclose a document, it is safer to disclose it than risk non-compliance with your duty.
8. Do not hide, alter or destroy any financial information – this can result in penalties under the Family Law Act 1975 (Cth). However, if you are concerned about your safety, you can redact information such as locations so long that it does not alter the purpose of the document provided.
Andrea Cooper, Law Student and Paralegal at Zande Law Solicitors, Suite 9, Norwinn Centre, 15 Discovery Drive, North Lakes, is the author of this article, training in the area of Family Law.
The information in this article is merely a guide and is not a full explanation of the law. This firm cannot take responsibility for any action readers take based on this information. When making decisions that could affect your legal rights, please contact us for professional advice.
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