If you are negotiating a Family Law Property settlement, you should be aware that all parties have an obligation to provide full and frank disclosure - which is the exchange of financial documentation and information.
There are a number of documents that need to be exchanged in order for disclosure to be complete. The type of documents required can depend on a person’s assets and circumstances. Below is a list of documents that are generally required, however parties are required to provide evidence of all of their assets and liabilities.
There are concrete laws associated with the requirements for full disclosure. These can be found in the Family Law Rules 2004 (particularly Chapter 13) and the Federal Circuit Court Rules 2001 (particularly Chapter 24). In effect they require that each party provide a full disclosure to the other party. Non-compliance with these rules can have severe consequences as outlined below.
There are many consequences for failing to adequately disclose. This can range from:
In short, if a party is found not to have disclosed a critical or relevant document, there will be a negative impact to their case.
The duty of disclosure extends to lawyers too. We have to ensure that all of your documentation has been disclosed. This is outlined in the general law as well professional conduct rules of solicitors and barristers. The consequences to lawyers can involve fines, being barred from practising, and other penalties.
The duty to disclose underpins Family Law. Not only is the client required to provide all relevant documentation, but the acting lawyer is also required to ensure this happens. If a client refuses to disclose relevant information, we have an obligation to cease acting for that client. As a result it is important that both parties understand that this requirement is a serious cornerstone of Family Law.
If you are concerned that your former partner has failed to disclose relevant information when negotiating a property settlement, please do not hesitate to contact our office on (02) 9688 6023 and speak to one our experienced solicitors.
If you have further questions, please contact us at frank@franklaw.com.au.
This is not legal advice.