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.