Disclosure
Disclosure is the process of providing information to the other party that may be relevant to your matter. In family law matters, both parties must provide full and frank disclosure.
Full and Frank Disclosure
Full and frank disclosure means that both parties must provide each other with information regarding their indirect or direct financial circumstances. Disclosure generally includes information from the commencement of the relationship to the current date. The disclosure that you need to provide will be based on your circumstances. It should generally include all assets, liabilities, income, and other factors affecting your financial position. Depending on your circumstances, disclosure can include (but is not limited to) bank account statements, superannuation statements, credit card statements and tax returns.
The duty to disclose is an ongoing obligation. This means that if your circumstances change, you have a duty to disclose that information to the other party. For example, if you were not employed when the disclosure was exchanged, but you are now employed, and the property orders have not been settled, you should inform the other party of your change in circumstances.
Why is disclosure required?
The duty of disclosure is a requirement under the Federal Circuit and Family Court of Australia Rules. Disclosure is used to ascertain the financial positions of both parties. This information is used to formulate the property pool and make necessary adjustments to the split of the property. Therefore, disclosure is an integral part of the property settlement process.
If you have been asked to provide disclosure documents by your former partner, or your former partner’s solicitors, it is recommended that you seek legal advice. A solicitor will be able to help you prepare your disclosure and assist you in your property settlement matter.
If you would like to speak to an experienced family law solicitor, contact Grace Family + Collaborative Law on 1300 414 855 today.