In a family law property division case, each party has the duty to make ‘full and frank financial disclosure’ of all relevant information regarding their financial circumstances. This includes information about earnings, interest, income, property and other financial resources.
This is so that the Court can accurately gauge both parties’ financial positions and make a fair decision.
If the Court finds out one party has failed to disclose, it can change the percentage split of the asset pool and award more to the party that has fulfilled its disclosure obligations.
In the case of Black v Kellner, a man who hadn’t accurately disclosed his finances and income was awarded only $40,000 – just 6.3% of the value of his wife’s property. Although he appealed, the Court held that this was a just and equitable decision.
You must always be completely honest and transparent when disclosing your finances in a family law matter. Failing to make disclosure could mean losing out on property you would otherwise be entitled to.
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