The effective resolution of family law disputes mediation relating to property settlements relies upon transparency between you and your ex-partner to fully disclose relevant information to each other.
Typically “disclosure” is discussed in the context of financial matters, but it also can relate to mediation parenting matters as well.
The process of disclosing all relevant information to the other person is called, “discovery” and in circumstances where a person does not fully share the relevant information, it can have serious consequences.
What Do I Need to Disclose in Financial Matters?
What needs to be disclosed in financial matters will vary from person to person, but usually, the following will be applicable in a majority of situations
- Payslips from your employment
- Any Centrelink statements
- Tax Group certificates (typically for last 3 years)
- Details of all assets, including any valuations of those assets
- All Tax returns
- All Bank statements (including credit car statements)
- Superannuation statements
- Details of interests in companies or trusts
Importantly disclosure also requires you and your ex-partner to disclose all information regarding any disposal of assets in the year prior to or the year following separation. Disposal in this context means, selling an asset, transferring ownership or gifting it to someone else. It follows that information regarding what was purchased with funds derived from the sale of an asset will also be required.
What If I Have More Questions?
If you wish to get more information relating to disclosure of discovery the Family Law Act 1975 and the regulations regarding the duty of disclosure in the Family Law Rules 2004 is the best place to start. More specifically, Chapter 13 of the Family Law Rules.