When you separate, one of the most essential steps is financial disclosure.
This means that both you and your former partner are open and honest about finances, including debts, liabilities, government liabilities, investments, savings, and superannuation contributions, including inheritances, to achieve a fair settlement.
Here’s how the journey usually looks:
- Starting Point – Collecting Information
Both parties will gather details about their assets, including everything you both own, gifts, debts, earnings, and expenses. This includes things like bank accounts, houses, cars, superannuation, loans, and credit cards. - Sharing the Information
Both parties must provide this information to each other. It is not an optional choice; the Family Law Act 1975 requires full and frank disclosure from both parties from the start of the proceeding until it is finalised.
For more information on your Duty to Disclosure, please visit: https://www.fcfcoa.gov.au/fl/pubs/duty-disclosure.
- Checking the Details
Sometimes, questions will be asked if something looks unclear or missing. For example, if there’s a bank account not listed, or a loan that needs more explanation. At Fair Path Legal, we can guide you further on your entitlements and obligations with the Duty to Disclosure. - Building the Full Picture
Once all the information is exchanged, we will support in understanding your property settlement. - Moving Toward Resolution
With financial disclosure complete, you can move on to the next stage, negotiating, mediating, or, if necessary, obtaining a Court Order for the other side to comply with financial disclosure.
