Information on property-related issues in Family Law
One of the core principles that underpins family law property issues is the need for both parties to make a
genuine and continuous commitment to full and frank financial disclosure of any and all information related to any issue over
the property of the parties.
In plain English that means: no holding back relevant information and no financial
secrets. That also means that it is not acceptable for a party to fail to take proper steps to obtain financial information
which should reasonably be within their power to get. Neither is it acceptable for a party to withhold information on the
basis that they are confident that it could not be relevant if there is any uncertainty. If in doubt about whether or not
an item should be disclosed to the other party, it is surely better to disclose it, even if it later becomes apparent that
the information is not relevant. Worse, is to have to try and explain after the fact that one 'thought is didn't matter'.
It will not be acceptable, and the failure to give full and frank financial disclosure can have serious legal consequences.
What is property?
It may sound like a trivial question, but
a lot of people are uncertain as to what constitutes 'property' for the purposes of family law, and this can lead
one to unwittingly fail to comply with their disclosure obligations. For many people 'property' immediately conjures
up images of houses on land, housing units and all manner of 'real estate'. Those things are property, but in family
law the term 'property' should be defined in its broadest financial sense.
One helpful way of thinking
of property is to ask yourself: does the item of information under consideration relate in any way to an asset or thing of
value, or a liability or any type of financial obligation? Does the item relate to income of any type? Does the item relate
to an expense or anything that has or will in future be paid to someone? Giving and receiving gifts of money or valuables
is also relevant. If the answer is 'yes' then it probably falls within the scope of 'property'. Of course
a house is property, but so are all bank accounts, household items, hobby collections such as stamps or antiques, and anything
else which can be valued.
If in any doubt - talk to your lawyer about it. It does no harm to ask.
The division of property on terms which are both just and equitable.
