My Ex is asking for financial disclosure, do I have to provide this to them?

FFL Website Family Law Changes

In family law matters, there are rules in relation to financial disclosure contained in the Federal Circuit and Family Court of Australia (Family Law) Rules 2021, including what documents need to be provided. Generally, if your matter relates to property (not just real estate matters) then you will be required to provide financial disclosure to your former partner and they will need to provide it to you.

The reasoning behind this is that the Court wants each party to know the financial circumstances of their former partner so that they can enter into an informed agreement or ensure that neither party is hiding anything, such as an asset or income.

What is financial disclosure?

Financial disclosure is any document that shows your interest in an asset, liability, income, superannuation, financial resources and any other information that may be relevant to an issue of your particular matter.

What do I need to provide?

You will need to provide all documents showing your interest in the above, including but not limited to:-

  • Your three most recent tax returns and notices of assessment;
  • Your most recent superannuation statement;
  • Bank statements for all accounts held either solely or jointly with another person;
  • Loan statements, including personal loans, mortgages, Afterpay and ZipMoney;
  • Credit card statements;
  • Share statements and holdings;
  • Details of all real property owned, including valuations where necessary;
  • Details of all motor vehicles owned, including valuations where necessary;
  • If you have an ABN, the last four business activity statements (BAS);
  • If you have a partnership or company, the three most recent financial statements and the last four business activity statements;
  • Your payslips;
  • Copies of Trust Deeds where relevant; and
  • Whether you have disposed of any assets following separation.

Do I only need to provide disclosure once?

You will need to provide disclosure during your matter, the duty of disclosure does not end until the matter is finalised. This may include providing updated bank statements, superannuation statements and tax documents.

If your financial circumstances change, such as you receive a pay rise, you will need to advise the other party of this.

What do I do if my former partner won’t provide me their disclosure?

If your former partner will not provide you with your financial disclosure and you have requested this from them, you may be able to commence proceedings in the Federal Circuit and Family Court of Australia. The Court will then make Orders that they provide these documents to you.

Should they not provide these documents, you will be able to subpoena these items to obtain them directly from the entity, such as a bank, shareholding or accountant.

If your former partner does not provide full and frank financial disclosure, then the Court may order costs against them, dismiss all or part of their case or make findings against them. In some circumstances, the Court may also fine them or imprison them.

Given the potential consequences, it is highly important that you comply with the duty to provide full and frank disclosure. To find out what documents you need to provide to comply with your obligations, please reach out to one of our team and we will be able to provide you with advice specific to your circumstances.

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