The New Year period, traditionally a time for reflection and renewal, often prompts individuals to reassess various aspects of their lives, including their relationships. In the first week of January, we have watched our schedules filling up with Initial Consultation appointments, as many decide to take the step towards ending their relationships.

During these consultations, one recurring question takes center stage: “What will be the financial implications if I separate?” Surprisingly, many individuals, despite recognizing the financial impact as a primary concern, arrive with scant information about their current or historic financial circumstances.

To address this, our firm utilizes an in-depth online questionnaire before the initial meeting to ensure we provide the most comprehensive advice possible. Nevertheless, it's crucial to outline what information a lawyer will need, why it's necessary, and what steps to take if this information is unavailable.

Financial disclosure is a pivotal aspect of the process when a marriage or de facto relationship comes to an end. Each party must disclose their assets, income, expenses, and debt, and prove their financial contributions as this is the foundation for decisions related to property division, spousal maintenance and child support.

In cases where the other party fails to voluntarily disclose relevant financial documents, obtaining an order for disclosure from the court becomes a necessary step.

While the specific documents required may vary depending on the circumstances, having a comprehensive list can serve as a helpful guide for individuals seeking legal advice. Below is a non-exhaustive list of documents typically required during financial disclosure:

(The table can be viewed more easily on a computer/laptop here: https://www.focusonfamily.com.au/financial-disclsoure )