Full and Frank Disclosure

This refers to declaring all known truths in relation to both parenting and financial matters in family law.  Under Rule 13.04 of the Family Law Rules, both parties to a property settlement are obliged to provide “full and frank disclosure” both to their lawyer and to the other party in relation to their financial circumstances.

Rule 13.04 states:

A party to a financial case must make full and frank disclosure of the parties’ financial circumstances, including:
a. The parties’ earnings, including income that is paid or assigned to another party, person or legal entity;
b. Any vested or contingent interest in property;
c. Any vested or contingent interest in property owned by a legal entity that is fully or partially owned or controlled by a party;
d. Any income earned by a legal entity fully or partially owned or controlled by a party, including income that is paid or assigned to any other party, person or legal entity;
e. The party’s other financial resources;
f. Any trust;
g. Any disposal of property;
h. Liabilities and contingent liabilities.

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