| Document / Information | Reason/purpose | How to obtain it | Time period |
|---|---|---|---|
| Market value of all real property | The current market value of any interest in real property, is required to work out a just and equitable division. if the property is to be retained by a party this information is crucial to work out a payout figure. |
Local real estate agents can provide appraisals, it is recommended to obtain two or three. Otherwise parties can obtain a sworn valuation from a registered property value who is appointed under the Family Law Rules. If on party wishes to retain the property in the settlement it is recommended to obtain a sworn valuation |
All real estate will be in the pool regardless of whether it’s owned tother, by one party only, or jointly with a third party. |
| Motor Vehicle Appraisals |
Motor vehicles will be included in the asset pool and their value need to be agreed upon. It is the re-sale value that is relevant. What is the current market value that the car could be sold for by a wiling buyer. |
Research on second hard car sales can provide information about value or you can obtain a paid report from Redbook.com.au | Any motor vehicle you have an interest in at the time you are negotiating the property settlement (however acquired) needs to be appraised or valued. |
|
Your employment contract, any variations to it and payslips |
Current income and income capacity are relevant consideration to spousal maintenance, child support and future needs. Payslips are used to verify current employment and income levels. Income can vary month to month so the last one may not be indicative.
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If you don’t have these you can ask your employer for copies. | Any employment contract you have had during the relationship can potentially be relevant, and generally the last three payslips are requested. |
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Funds in bank accounts. This includes any account with a financial institute such as savings accounts. |
Bank statements show sources of income and how someone spends their money, which helps to support or defend spousal maintenance claims. Banks statements show if money is being transferred to other financial institutions or to acquire other asset classes such as shares. Bank statements have the relevant details of the account, which are required to put into the Court documents. It’s much more efficient for lawyers to get this information straight from the statement itself rather than rely on clients to know this information. Bank statements can be used in cross-examination if the matter goes to trial, if they provide contradictory evidence. |
You can download bank statements from your online account. It’s important to download the official statement, rather than create transaction lists or do screen shots. If you can’t access your statements online or want historic statements you many need to visit a branch and they can provide them to you directly. |
Depends on the circumstance and what issues are in dispute, but requests are generally made for statements up 12 months prior to separation. Statements evidence of savings held at the commencement of the relationship can help establish ‘initial contributions’ of that party. |
| Debts owed on credit card accounts, overdraw facilities and mortgages. |
All debts are generally included in the asset pool. Even debts obtained post-separation can be included, depending on what the funds were used for. |
Statements can be obtained online from the account or directly from the financial institution. |
Depends on the circumstance and what issues are in dispute, but requests are generally made for statements up 12 months prior to separation. Statements evidencing debt of a party at the commencement of the relationship can be used to show they negatively contributed to the asset pool. |
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Evidence of any debts, including overdraft facilities, loans from family members or friends |
Debts are generally part of the asset pool. Whether something is considered a debt or a gift is not always clear in family law. (See here for important information about loans from friends and family https://shorturl.at/jrBK5), |
Evidence of the loan should be obtained from the lender. If borrowing money from friends and family it is a good idea to have the agreement set out in an enforceable agreement |
All debts must be disclosed and included in the asset pool. Even post-separation debts may be included depending on what the debt was used for. |
| HECS or HELP debt (Higher education debt) |
Information about obligations under a lease is important for assessing the financial capacity of each party and making decisions related to support obligations, property division, and other financial matters. The lease documents will also reveal if a party as control or ownership of the leased property that is being rented out. This can be relevant when considering property division and the allocation of rental income or expenses. |
If you don't have a copy you can obtain it directly rom the leasing compamy, or online from your account. | For the period of the lease. |
| Tax returns and Notice of Assessment | The statements will show what the balance was at either June 30 or 1 January |
You can obtain your statements through your online account. If you don’t have an online account it’s a good idea to sign up as you may have to regularly check your balance as your matter progresses. You can obtain some information about your superannuation accounts through the ATO portal via MyGov. |
Usually the last statement is required although past statements may be requested. Superannuation statements from the commencement of the relationship can also be used to establish initial contributions. |
| Insurance Policies and evidence of insurance payments received or that will be received |
Insurance policies Can represent valuable assets that need to be considered during the division of property in a divorce or separation. This may include life insurance policies, cash value policies, or other forms of insurance that have a financial worth. You also need to ensure your insurance company knows of any changes in your relationship status. How insurance payments are treated in family law can vary greatly depending on the type of insurance and legal advice should be sought on this issue. |
Policies can be downloaded from your online account or the insurance company can provide this to you upon request. | For the life of the lease |
| Investment statements for shares, stocks and managed portfolios | Statements will reveal the number of shares held and so the current value can be usually be determined. | Statements can be download directly from online accounts or your portfolio manager. | Statements covering the last 12 months prior to the relationship ending will reveal if any investments have been sold or transferred out. |
| Trust documents |
If you are a beneficiary of a trust you must disclose this. Depending on the nature of the trust it may be part of the pool, you should seek legal advice to determine this issues. Relevant documents can include the Trust Deed, financial statements of the trust and tax returns of the trust. Valuations of trust property and other assets might need to be obtained. |
The trustee of the trust will have these documents. Valuations should be done jointly and by an appropriate expert to avoid disputes. |
Generally these are requested for the previous three years but highly dependent on circumstances. |
| Company documents |
If you are a shareholder of a company then you must disclose information of the company, and the company itself may even become a party to court proceedings depending on the circumstances. Documents include the Company constitution, financial statements (including profit and loss statements), list of plant and equipment and tax returns. Valuations of property and other assets owned by the company might need to be obtained. |
The director of the company will have these documents. Valuations should be done jointly and by appropriate expert to avoid disputes. |
Generally these are requested for the previous three years but highly dependent on circumstances. |
| Evidence of inheritances received during the relationships or after separation and how it was spent |
Inheritances received by a party will be seen as a contribution to the asset pool by them and may impact how the assets are divided. Bank statements showing the funds being deposited can prove when it was received |
Bank statements can be obtained online, and you can also request the gift-giver to provide evidence of the payment. | Throughout the relationship and post-separation. |
| Evidence of gifts received during the relationship and post-separation and how they were spent |
Inheritances received by a party will be seen as a contribution to the asset pool by them and may impact how the assets are divided. Bank statements showing the funds being deposited can prove when it was received. |
Bank statements can be obtained online, and you can also request the gift-giver to provide evidence of the payment. | Throughout the relationship and post-separation. |
| Marriage certificate | Whilst not required for financial disclosure, this provides relevant details about the marriage required in some court documents. It is also required for when you apply for your divorce. | If you do not have your marriage certificate you can apply for one at Births, Deaths and Marriages. | N/A |
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