Why is it necessary to exchange financial disclosure documents?

Posted on Feb 13, 2019 by Matthew Carney   |   Categories: Family Law

We’ve reached an agreement for the property settlement – why is it necessary to exchange financial disclosure?

1. An Application for Consent Orders is within the jurisdiction of the Family Law Act 1975 and so the rules of “full and frank financial disclosure” apply;

2. Providing financial documents evidencing your financial affairs will enable your solicitor to effectively draft the Application form that accompanies the Consent Orders, and the Consent Orders themselves;

3. Your solicitor will also be properly positioned to provide advice to you about the meaning and effect of the Consent Orders, and your rights, entitlements and obligations, as s/he will understand both parties’ financial affairs;

4. You will reduce the risk that the Consent Orders will be set aside or varied by reason of fraud, duress, suppression of evidence (including failure to disclose relevant information), the giving of false evidence, or perhaps even if the Consent Orders were drafted incorrectly because the drafting solicitor did not have all the relevant information to hand;

5. If you are found to have engaged in conduct leading to the setting aside or variation of Consent Orders, you may face a cost order, fine, or charge of contempt of court.

If you require further assistance with your property settlement, please contact Baker Love Lawyers 02 49443322