Following a breakdown of marriage, there may be circumstances where those seeking a divorce may be required to disclose their financial assets. This is usually when a divorce is sought along with the division of assets. The court tasked with deciding whether the division of financial assets is appropriate, and if so to what extent, will require financial disclosure of parties involved to make a fair assessment.
Financial disclosure must include all assets. Assets that may need to be disclosed include:
- Trust funds
- Assets held overseas
- Non-marital assets.
All assets must be documented. The types of documents that would need to be disclosed include:
- Tax returns
- Bank statements
- Bank statements (both business and personal)
- Mortgage statements
- Valuation of properties
- Pension slips
- Evidence of inheritance
- Evidence of any savings or investments held.
A party may also disclose evidence of financial liabilities to assist the court in assessing the true extent of assets held that may be divided between parties if any.
A party seeking to resolve a financial dispute quickly and amicably can offer voluntary disclosure during early negotiations. On the other hand, where an attempt is made to conceal any assets, the court has wide powers to investigate cases of non-disclosure of assets.
The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Connaught Law and authors accept no responsibility for loss that may arise from accessing or reliance on information contained in this blog. For formal advice on the current law please don’t hesitate to contact Connaught Law. Legal advice is only provided pursuant to a written agreement, identified as such, and signed by the client and by or on behalf of Connaught Law.