What Am I Able To Do? I Have Left My Partner, But I Suspect Theyre Hiding Assets
When partners separate and move to finalize the division of their finances, the undeniable fact that one party played a larger role in the management of the money affairs of the relationship is a common cause of conflict. Parties frequently end up in a situation where their ex knows more about the finances than they do. Typically in this circumstance, the party has claims that the other is hiding assets, and they will get the rough end of the stick in a property settlement.
Luckily, the guidelines of the Family Court obviously say before reaching an out of Court settlement or commencing Court events, both parties must provide full and frank disclosure of all important finance info and documents.
This includes evidence of any income and takings; property and business interests, including trusts and shares; and savings and investments.
In addition, any documents or records that evidence a party has dumped assets or sustained obligations must also be disclosed.
If a party wont provide documents, the other party can apply to the Family Court for an Order compelling their disclosure. Failing to provide documents after an Order is granted by the Court is a rather serious offence, with several penalties, including imprisonment.
Even after a deal has been reached, if a party discovers the other party concealed a valuable asset then the original agreement could be put aside by the Court. In this eventuality, misled parties are probably going to be awarded costs in new settlement proceedings.
In complex cases, where the above doesnt work, a senior family law expert teams up with a forensic accountant to find the definable. The right team will find whats been hidden.
This is general info only, and doesnt constitute specific legal services. If youd like further information re this matter contact the Family Law team at HHG Legal on (08) 9322 1966.’
0 Comments