If you are involved in Family Law negotiations or have to go to Court to sort your situation out, one of the first documents you will be asked to provide information about is known as a Financial Statement. A Financial Statement sets out your assets, liabilities and expenses, as well as things like your superannuation entitlements. This information is crucial to shaping the advice that Counsel Family Lawyers can provide to you in relation to an overall outcome and will be used to form the basis of negotiations between you and your former partner.
It is a requirement of the Family Law Rules for each party to provide continuing full and frank disclosure of all financial circumstances. This includes, but is not limited to all assets, liabilities, interests in companies and trusts and any asset which has been disposed of (in a given period). When completing a Financial Statement it is vitally important that it is completed with precision and accuracy, as it is likely to be the primary source of information and evidence which lawyers will rely on throughout negotiations and Court proceedings. If your Financial Statement is not completed with precision and accuracy it may lead to arguments in relation to the credibility of any evidence provided by you, financial or otherwise. In other words, incorrect information can come back to haunt you at a later stage in your matter if this is not rectified in time.
A Financial Statement should be an accurate reflection of your financial position as at the date it is completed, and not a wish list of expenses you may be required to meet going forward or indeed a wish list of what you would like to legally own. You should refer to bank statements and other primary source documents when completing the Financial Statement to ensure that it accurately reflects your financial position rather than an estimate of your assets and expenses.
Some clients find this task daunting and require assistance to complete this complex and time consuming task. This is where we can help.
Counsel Family Lawyers can assist you to complete your Financial Statement to ensure that that the document is completed with precision and accuracy and guide you through its complexity and ensure that your evidence is credible and reliable. We can review your primary documents with you to cross check that the information you are providing can withstand the scrutiny of your former partner’s legal team and indeed the Court (if you are in Court).
If you need further advice in relation to how best to manage your separation, how best to commence negotiating with your former partner and what your options are regarding your matter generally (including how best to complete a Financial Statement), you should contact our office to make an appointment. If you are worried about your current legal representation and need a second opinion to assure yourself on the choices you are being asked to make, then please contact our office on 9320 3900 or email [email protected].
The information in this blog does not constitute legal advice and cannot be relied upon by you. If you require advice specific to your situation you must contact Counsel Family Lawyers for legal advice. The contents of this blog are relevant as at 14 July 2017. We recommend you obtain specific advice relevant to you and your family situation.
By Sarah Damon
