There are times in our lives when we need legal advice and assistance…and many of these happen in a ‘family law’ setting. We’ve teamed with Watts McCray – a leading firm of family lawyers and divorce professionals, to help you navigate your way through these tricky situations.

With separation—whether amicable or not—settling property matters fairly is key.

This is a complex area of law which is why it’s important to get legal advice. You need to understand your legal rights and obligations. This includes the duty of both parties to fully disclose all financial information relevant to property matters.

Why is disclosure so important?

Without all information on the table it’s impossible to verify the ‘property pool’ to be divided. Once both parties have fully disclosed all details required, your lawyer can work through what you’re entitled to.  Without complete facts it’s virtually impossible to strike a settlement that is fair and acceptable to the Courts.

What happens if I don’t fully disclose? 

You may face penalties for not fully disclosing. The Court can order a Costs Order against you or disregard all or part of your case. In serious cases you can be fined or imprisoned for not disclosing information or complying with an Order to do so.

What is the best way to start?

The best way depends on the nature of your relationship with your partner and/or your involvement in the financial matters. You can, for example:

1. Ask your partner to supply their documents. You can meet and exchange copies or arrange for them to be emailed or posted (depending on the number and type of documents involved).
2. Have your lawyer write to your partner asking them to provide their documents. This is a good time to send through your documents.
3. Start legal proceedings if your partner refuses to submit their documents. This may  involve obtaining an Order that your partner provide specific documents or issuing subpoenas to relevant financial institutions to get the information you need.

To save money how can I get organised before I see my lawyer?

Watts McCray encourages clients to save legal costs by doing whatever groundwork they can, which means lawyers spend less billable time sifting through your paperwork. With property settlements, you can save money by organising your financial documents before seeing your lawyer.

To do this, organise paperwork on your current assets, debts and superannuation into logical sections, such as: bank statements; financial statements; notices of assessment; pay slips; shareholdings; statements for any loans or leases; superannuation statements; taxation returns; and valuations of your assets and superannuation. You also need paperwork on businesses, companies, partnerships, self-managed superannuation funds or trusts you’re involved in, including related agreements and trust deeds.

Are assets, debts and superannuation valued as of the date I separated?

No. They are valued at the present date.

What about property that has been sold, transferred or gifted?

It’s important to disclose information about property that has been sold, transferred or gifted to another person if this was done in the year immediately before you separated or since your final separation. This relates to any property that may affect, defeat or deplete a claim.

Tip

With property settlements, you need to provide information on the assets, debts and superannuation controlled by or in:

• each party’s sole name
• joint names
• one of the party’s name with someone else.

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