Why do I have to give all my financial documents to my ex-partner?
Many divorcing couples are hesitant when asked to give their financial documents to their ex-partner. This can include tax returns and many bank account statements.
The reason behind it is the requirement for “Full and Frank Disclosure”. Family Law Dispute Resolution seeks to resolve disputes before they get expensive, adversarial and litigious. The Family Law Rules actually require parties to engage in an exchange of information before they start proceedings in the Court.
The parties must make a genuine attempt to dissolve the dispute before starting a case. Accordingly, in property and financial cases, this will require the exchange of financial and taxation records, details of income, liabilities and any businesses, companies or trusts. The more complex the financial affairs are of the parties, the more extensive these procedures will be.
A dispute may escalate if the parties do not trust one another and in the circumstances “assume” the worst. These worst case assumptions make negotiations very difficult. Accordingly, the philosophy and justification behind the implementation of these rules is to eliminate at an early stage as many of the uncertainties regarding financial matters as possible.
Call Streeterlaw Sydney Lawyers for divorce advice on 8197 0105.
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