Sunshine Coast property settlement questions answered

Sunshine Coast family law guru Pippa Colman has answered some of the key questions that crop us when it comes to property settlements.

When clients consult us about property settlement, they sometimes ask:

1. Can I put the property in a trust for the kids and that way I won’t have to pay much to my wife?

2. Do I have to disclose the home which is in my mum’s / dad’s / kids’ name? I bought it but I put it in their name because ….

3. I have two super funds; do I have to disclose both?

Our answers are:

1. You could, but it won’t work, and you look shifty, so NO.

2 and 3. YES.

We take our clients through the court’s brochure called “Before you file – pre-action procedure for financial cases” which talks about your obligation to comply with the duty of disclosure by exchanging relevant documents with your ex.

Parties have a duty to make full and frank disclosure of all information relevant to the dispute.

There can be serious consequences for failing to disclose, including punishment for contempt of court.

Examples of documents to be disclosed include:

• a schedule of assets, income, and liabilities

• a list of documents in the party’s possession or control that are relevant to the dispute

• any document required by the other party

• three latest taxation returns and assessments

Pippa Colman, Founding Director of Pippa Colman & Associates Law Practice

• bank records for the previous 12 months

• most recent pay slips

• if the party has an ABN, last four business activity statements lodged

• any other document relevant to income, expenses, assets, liabilities, and financial resources, including superannuation

• if the party has an Australian Business Number, the last four business activity statements lodged

• for a corporation (business), trust or partnership in which the party has an interest, copies of the three most recent financials and the last four BAS lodged by each corporation, trust, or partnership

• for any corporation, its most recent annual return, listing directors and shareholders; and constitution

• for any trust, the trust deed

• for any partnership, the partnership agreement

• unless the value is agreed, a market appraisal of any item of property in which a party has an interest.

If our clients will get their documents together versus our doing it, they save money.

If a party will not disclose, then the court may make an order that their matter will be decided without their participation!

The name of the game in family law is “show and tell”, not “hide and seek”.

Pippa Colman is the founding director of Pippa Colman & Associates Law Practice.

Originally published as Sunshine Coast property settlement questions answered