Disclosure

The first step in any family law property division is working out what are the assets and debts. The Family Law Act requires both parties to tell each other (usually via their lawyers) about their assets, debts, income and resources.

Most assets and debts are clear. For example, real estate, cars, mortgages, super etc.

But some are not so clear.  Some may not exist yet but can still be taken into account.  

Uncommon Assets & Debts

• A possible compensation claim by either party.
• Other possible legal claims by or against a spouse.
• Have any promises been made that assets will be given in the future. For example, a parent of one spouse promises their home if they are looked after during their old age.
• If money has been given and is a debt owed.
• If money has been put into someone else’s property.
• If a relative has put money into your property, for example building a granny flat.
• If an asset has been gifted or sold to a third party.
• A tax debt. This can be for past income.
• Debts that may have been paid in advance
• CGT on the sale of an asset that has happened or is likely to happen.
• Probable inheritances.
• An interest in a trust. Such as a beneficiary.
• Expected employment bonuses or packages.
• Accumulated long service leave
• Has income or an asset been wasted eg, by gambling.
• Unaccounted money.