When you engage a Lawyer for an initial consultation in relation to a property settlement, the first step is to identify the asset pool.
In order to do this, it helps to be prepared.
The following documents are generally requested under full and frank disclosure (Rule 13.04 – Family Law Rules 2004):
(a) Copies of all bank, building society or other financial institution held in your name, either solely or jointly or on your behalf for the past 12 months;
(b) Copies of your personal income tax returns and notice of assessments for the last three years;
(c) List of all assets including but not limited to real estate, motor vehicles including but not limited to caravan, boat, motorbike etc, shares, any other investments and an approximation of the current value;
(d) Copies of registration documents and insurance documents in relation to any motor vehicle, boat, caravan, bike or trailer held in your name or on your behalf;
(e) List of all liabilities including but not limited to home loans, personal loans, novated lease, credit card, store card, loans with Flexirent or money owed to an individual and an approximation of the outstanding balance; and
(f) Copies of the most recent superannuation statement for each fund of which you are or were a member of.
If you own a business, either as a sole trader, partnership and/or a company the following further documents will be required in relation to this including:
(a) copies of the three most recent income tax returns and notice of assessments;
(b) copies of the three most recent financial statements;
(c) copies of the last three years balance sheet and profit and loss accounts; and
(d) copies of the last three years business activity statements.
Further, if you are a Trustee, a Beneficiary or you have a Power of Appointment of the Trustee the following additional documents will be required:
(a) the Trust Deed;
(b) copies of the three most recent Trust tax returns; and
(c) documents relating to monies earned by or disbursed by the Trust.
Other information that is relevant to the asset pool includes financial resources which can include expected inheritance, workers compensation payouts and personal injury claims.
Have you or your ex-partner disposed or acquired any property since separation? This information is relevant too.
The documents above will help give the broad picture of the asset pool which is a great starting point when you come to your first appointment.
For more information: Contact Us