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property financial statements

Contact Armstrong Legal:
Canberra: (02) 6288 1100
Sydney: (02) 9261 4555
Melbourne: (03) 9620 2777
Brisbane: (07) 3229 4448

Kerry White

A financial statement has four basic forms: a balance sheet, an income statement, a statement of retained earnings and a statement of cash flows. Each of these are official records of the financial activities of a person, business or other trading entity.

A financial statement will normally include a statement of the parties' income, in addition to their assets, liabilities and any other relevant supporting information.

Armstrong Legal Canberra are ready to take your inquiry concerning financial statements or your broader obligations of disclosure.

The duty of "full and frank" disclosure

Parties to a family law property dispute are required to make "full and frank" disclosure of their financial circumstances.

These circumstances include all financial interests, sources of income, property, trusts or any additional financial resources.

Arrange an appointment with a member of our family law team to learn more about the duty of disclosure.

Completing a financial statement

There are 4 parts to a financial statement:

  1. Providing details of the parties' income / sources of income
  2. Expenditure (including household, transportation and personal expenditure)
  3. Description of assets and debts (including details of specific financial institutions and account numbers)
  4. Any alleged extraordinary expenditure, special lists for itemising on a 'per-child basis' and, where relevant, details pertaining to an alleged financial hardship.

    Financial statements must be filed in the Family Court.

    In the event that the completion of a financial statement does not fully satisfy your personal obligation of disclosure, then it may also be necessary to file an affidavit providing further details.

    Armstrong Legal Canberra have extensive experience in this complex area of family law. If you would like to talk to a member of our team, then contact Armstrong Legal Canberra today.

where to next?

Taking the next step and contacting a family lawyer can be scary. Our lawyers will make you feel comfortable so you can talk about your situation. But first, ask yourself, Do I really need a lawyer?

Why Choose Armstrong Legal?

Contact Armstrong Legal:
Canberra: (02) 6288 1100
Sydney: (02) 9261 4555
Melbourne: (03) 9620 2777
Brisbane: (07) 3229 4448

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