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Property financial statements
Financial statements usually include a statement of the parties’ income, assets, liabilities and information related to any extraordinary expenditure. These statements provide an effective overview of a person’s financial circumstances and must be complied with as part of the requirement for full and frank disclosure in property matters.
Our family law team are experts in the completion of property financial statements. We understand that in some circumstances completion of such statements may not fully satisfy our client’s duty of “full and frank” disclosure. In these situations, we will work to produce an affidavit containing all necessary additional information.
Some important points concerning financial statements:
- A financial statement generally contains four parts related to details of the parties’ income, expenses, assets / debts and other special financial circumstances.
- There are four different variations of financial statement: balance sheets, income statement, statement of retained earnings and statement of cash flows.
- Financial statements must be filed at the Family Court of Australia.
For more information on financial statements and requirements concerning the duty of disclose, contact Armstrong Legal on 02 9261 4555.