Secrets. We all have them, from tiny little ones to great big whoppers. However harmless they may seem, intentionally or even incidentally keeping secrets during your property settlement can have serious consequences.
The first step in a family law property settlement is to identify all the assets and liabilities of each party which make up the asset pool. This is impossible without full and frank disclosure. Full and frank disclosure is a legal requirement and is set out in the Family Law Rules. Put simply, it says that you must disclose anything that could be relevant to your financial position. If you do not disclose particular documents, then you are essentially perverting the course of justice and there are serious consequences. These consequences are far ranging depending on the situation and can result in you losing your undisclosed property, being hit with a fine or being found in contempt of court.
Lawyers are also bound by this obligation of full and frank disclosure and cannot help you keep documents a secret. If you ask a lawyer to keep documents secret and they actually say yes? Well then, you need to find a new lawyer because by failing to uphold full and frank disclosure, they are failing to act in your best interests. Furthermore, the consequences for lawyers assisting in non-disclosure are severe and can even result in he or she losing their practising license!
However, these obligations are not one sided - if you are worried that the other side is not disclosing their documents, remember that they are also under these obligations.
So, what documents do need to be exchanged? Simply, it’s all relevant documents. Usually this will mean bank statements, tax returns and superannuation documents. It can also mean medical documentation, child support assessments, details of trusts etc., depending on your situation. Your lawyer will specify the documentation they require and should help you compile all the relevant information so that you can move with finalising your economic position and negotiating the property settlement.
To find out more about family law property settlements, family law lawyers and disclosure, access our Property Settlement info sheet and handy disclosure checklist below!
Download our Family Law Property Settlement Infosheet
This article is provided to the reader for general information. It is not legal advice.This article was written by Andrea Spencer & Emily Graham and edited by James Frank.
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