Understanding & Getting Started with Property Matters

If you have just separated, it is important to know that your property matter can still be progressed during the current pandemic. Whilst the Courts prioritise urgent parenting matters, there are other ways of dealing with property matters that can lead parties to resolve their matter.

Firstly, parties to a property dispute under the Family Law Act have an obligation to provide full and frank financial disclosure. This enables both parties to recognise and be provided with documentary evidence about the assets, liabilities and the financial position of the other party. Practically speaking, the obligation to provide full and frank disclosure means providing the following details of the following to your lawyer and the other party:

• Details of assets that you own or are in your possession, including real or personal property, and valuations/appraisals of these;
• Copies of payslips or documents evidencing income earned by you, which may also include Group Certificates and Centrelink Statements;
• Copies of tax returns, tax estimates or assessments;
• Copies of bank statements, building society statements and/or credit union account statements;
• Copies of any credit card statements or loan account accounts;
• Evidence of any superannuation interests, including superannuation statements;
• Details of any interest you hold in a company or trust, including relevant supporting documents;
• Details of any interest in a corporation;
• Details of any gift made by you or property you have disposed of since separation;
• Details of any financial resources you have an interest in, such as a deceased estate.

We will request financial disclosure from the other party in your matter and you will have the opportunity to review these documents.

At this stage, we will also ensure that all relevant valuations, for example property valuations, are obtained.

Once all the information has been gathered that is relevant to an assessment of the assets/liabilities, parties may wish to engage in negotiations. We always recommend that you seek legal advice about negotiating a settlement outcome and that any negotiations be done by lawyers.

If you require assistance with your Court matter, Contact NLS Law.