property financial statements

You must make full and frank disclosure of financial circumstances, including.

• All sources of earnings
• Financial interests
• Income
• Property
• Other financial resources
• Any trust.

In property matters, a Financial Statement needs to be completed to disclose all financial resources. It is important that you outline all of your resources. If it is not possible to do this on the financial statement, Armstrong Legal strongly recommend you attach an affidavit disclosing additional financial resources.

You must file a Financial Statement. If that does not fully meet your duty of disclosure, you also need to file an affidavit giving further details. If your financial circumstances change after you file the Financial Statement, you must file an amended statement within 21 days after the change of circumstance.

There are usually four parts to a financial statement

• Particulars as to the parties’ income and source of income
• Expenses and usually allowing for separate itemisation of expenses specific to children. These include household, transportation, and personal expenses
• Assets and debts, including particulars such as the names of financial institutions and account numbers.
• Special lists for itemising on a per child basis, the alleged monthly special or extraordinary expenses or, in the event of a claim for undue hardship, the financial details of the alleged hardship such as the income of a second person in a household.

Would you like to know more or to book an appointment, please contact Armstrong Legal and talk to one of our specialist family law solicitors on 02 9261 4555.