As part of any property settlement, even when you are amicable, you will need to agree on what forms part of the asset pool. This includes money in bank accounts, property and superannuation.
To allow this to occur, you need to produce documents to your former partner as part of the process. We have provided you with a list of documents that you can start gathering now, which will make your negotiating easier and provide you with more clarity.
Mandatory Disclosure Documents
- Tax Returns: Recent tax returns, including notices of assessment and related documents, must be provided. This helps to establish a clear picture of each party’s income and taxation status.
- Bank Statements: Copies of bank statements from all accounts held by each party, including joint accounts, are essential for understanding cash flows, savings, and financial transactions.
- Property Valuations: Accurate valuations of all relevant properties, including real estate, vehicles, and other valuable assets, must be obtained and shared. Valuations provide insights into the total value of the asset pool.
- Superannuation Statements: Superannuation is often a significant asset in property matters. Statements detailing superannuation balances and contributions are necessary for calculating the value of this asset.
- Business Documents: If either party owns or has an interest in a business, documents related to the business’s financial performance, valuation, and other relevant information must be disclosed.
- Liabilities and Debts: Disclosing all debts, loans, and liabilities is crucial to comprehensively assess each party’s financial obligations.
- Gifts and Financial Assistance: Any substantial gifts or financial assistance received during the relationship or after separation should be disclosed as they may impact property division.
- Court Orders and Agreements: If there are existing court orders or agreements, they should be shared to provide context to the current property dispute.
- Other Financial Documents: Additional documents such as insurance policies, loan agreements, and any other financial records relevant to the case should also be disclosed.
In your family law property matter, the disclosure of relevant financial documents is not just a legal requirement; it’s a fundamental step toward achieving a fair and equitable outcome. Openness and transparency are vital to the integrity of the legal process and to ensuring that both you and your former partner have the information you need to make informed decisions.
By adhering to the principles of full and frank disclosure, individuals can contribute to a smoother and more just resolution of their property matters, ultimately leading to a new chapter in their lives.