How to Get Financial Information for Family Law Cases

In family law matters, particularly those involving property settlements and spousal maintenance, obtaining accurate and comprehensive financial information is crucial aspect of family law proceedings. The Family Law Act 1975 (Cth) (“the Act”) and the Federal Circuit and Family Court of Australia (Family Law) Rules 2021 (Cth) (“the Family Law Rules”) provide various mechanisms to ensure that parties disclose their financial circumstances. Below are some of the primary methods used to obtain financial information in family law matters in New South Wales.

1. Duty of Disclosure

Under the Family Law Rules, parties in family law proceedings have a duty to provide full and frank disclosure of their financial circumstances. This duty is ongoing and requires parties to disclose all relevant information, including:

• Income;
• Assets;
• Liabilities; and
• Financial resources.

Failure to comply with this duty can result in serious consequences, including adverse inferences being drawn by the court, penalties, or even dismissal of the non-complying party’s case.

2. Financial Statements

Once Court proceedings have commenced, parties are required to file a Financial Statement with the court. This document is a sworn statement which sets out a detailed account of the party’s financial position, including:

• Income from all sources;
• Details of all assets and liabilities;
• Superannuation interests; and
• Financial resources.

The information contained in your Financial Statement should be supported by documents such as tax returns, bank statements, and payslips.

3. Discovery

Discovery is a process where parties can request the other party to provide specific documents relevant to the case. This can include:

• Bank statements;
• Credit card statements;
• Loan documents;
• Property valuations;
• Business financial records.

If a party fails to comply with a discovery request, the requesting party can apply to the court for an order compelling the production of the documents.

4. Subpoenas

A subpoena is a court order requiring a third party or entity to produce documents or give evidence. In family law matters, subpoenas can be issued to third parties such as:

• Banks;
• Employers;
• Accountants;
• Superannuation funds.

Subpoenas are a powerful tool to obtain financial information that may not be voluntarily disclosed by the other party.

5. Interrogatories

Interrogatories are a set of written questions that one party can serve on the other party, requiring them to provide written answers under oath. These questions can be used to obtain detailed information about the other party’s financial circumstances.

6. Valuations

In cases involving significant assets such as real estate, businesses, or valuable personal property, obtaining a professional valuation is often necessary. Valuations provide an objective assessment of the value of the assets, which is essential for an equitable division of property.

7. Expert Reports

In complex financial matters, expert reports from forensic accountants or financial experts may be required. These experts can analyse financial records, trace assets, and provide opinions on the value of businesses or other financial interests.

8. Affidavits

Parties may be required to file affidavits providing detailed information about their financial circumstances. Affidavits are sworn statements that can include explanations of financial transactions, the history of asset acquisitions, and details of any financial contributions made during the relationship.

By utilising these methods, parties can ensure that they have the necessary information to achieve a fair and equitable resolution of their financial matters. It is recommended that you seek legal advice from a family law specialist to assist and facilitate a speedy resolution of your family law matter. 

Would you like to discuss your Family Law matter with one of our Team? You can reach us by phone on 8525 2700, or click here to request an appointment with one of our Family Law Team, Riccarda Stock, Nicole Quirk, Shweta Kumar, Nikita Ward or Kirstin Attard.

Article written by Nikita Ward
Photo by Firmbee.com on Unsplash