How does one discover what another party owns and earns in a family law property settlement proceedings?
In this article, we will unpack the different ways that your Family Lawyer in Townsville can successfully identify the property asset pool for a separation, and the pitfalls of trying to hide or dispose of assets in a Property Settlement dispute.
Table of Contents
The Duty of Disclosure
Each party has a legal duty to disclose all relevant financial information to the other party.
This financial information includes bank statements, income tax returns, trusts, superannuation and property disposal information, even if those accounts or assets are in one party’s name only.
It is important that the parties have a clear and accurate understanding of the assets and value of property pool for the relationship.
That information Is sworn on oath, and there can be very serious consequences for providing false, misleading or deceptive information/disclosure during the dispute.
How Can Hidden Assets be Uncovered?
During family law proceedings, each party can utilise a variety of measures to uncover assets and identify the property pool. These can include, amongst other things:
Issuing subpoenas to financial institutions;
Requesting information from superannuation funds;
Conducting Company searches and ABN searches;
Conducting property searches;
Engaging valuers and forensic accountants; and
Speaking with witnesses.
Consequences for Failing to Disclose Assets
There are serious consequences for failing to disclose relevant information, or providing false/misleading information.
These can include:
Your credibility can be irreparably damaged, particularly if the dispute goes to trial on contested property and/or parenting matters;
The Court may dismiss all or part of your case;
The Court may order costs against you personally; and/or
The Court may impose a fine or imprison you.
There are serious consequences for failing to disclose relevant information, or providing false/misleading information.
Conclusion
Choosing the right family lawyer in Townsville is an important decision that can impact the outcome of your case.
Following these steps will facilitate a constructive, accurate, in-depth and personalised discussion about your family law rights, obligations and entitlements, helping you to move forward feeling educated and empowered about your family law journey.
With the right lawyer by your side, you can pursue your family law separation and property settlement with confidence and reassurance.
At Sarinas Legal, our team of skilled family lawyers have extensive experience in uncovering hidden assets in family law matters.
If you have concerns that your partner might be hiding assets and trying to impact your legal entitlements, reach out to Sarinas Legal today.
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