The Family Law Rules (2004) stipulate that separating parties must provide the other with full and frank disclosure of their respective financial positions. Including exchanging documents with the other party which confirm the nature and value of each asset or liability held.
We often hear the words “but, I don’t want the other party to know what I have…”
Full and frank disclosure is a protective mechanism which enables separating parties to identify the overall asset pool in question, and either negotiate a settlement or approach a Court to make a decision about how the assets and liabilities should be divided.
In response to the above, we also hear time and time again “he/she has been hiding things, including money from me for years…” “… I would have no idea what he/she has, I’ve always just had x,y&z and never been game or ever really thought to ask…”
There are ramifications if either party fails to disclose, including cost orders being made against you, the Court may stay or dismiss all or part of your case and in some circumstances the Court may fine or imprison the offending party on being found guilty of contempt of Court for failing to disclose.
If this all rings too true with you and you are unsure of what your disclosure obligations are in order to be squeaky clean or how you may go about establishing what the other party has because they have failed to disclose and you suspect are squeaky sneaky – contact our Office today so you may understand your rights and obligations!
After all, if you don’t know what the other party has, how can you know what you are entitled to?