Financial Disclosure Requirements in Divorce

If you are sorting out property after a separation, financial disclosure is one of the first things you will deal with. It simply means giving a clear and honest picture of your finances to your former partner and, if your matter goes to court, to the court. This guide explains what disclosure involves in Australia, what documents you will need, and how it fits into a property settlement. It is general information only and not legal advice.

What financial disclosure means

Financial disclosure is the duty to give full and frank disclosure of all information relevant to your property settlement. That covers everything you own (or part own), everything you owe, your income, and any other financial resources you have access to, whether the money or property is held in your own name, jointly, or through a company, trust, or another person.

The purpose is straightforward. A fair settlement depends on both people knowing the full financial picture. Without honest disclosure from both sides, it is very hard to reach an agreement that treats you both fairly, or for a court to make orders that are just and equitable.

It is a legal duty, now written into the Act

For married couples, the duty of full and frank disclosure is set out in section 71B of the Family Law Act 1975. For de facto couples, the equivalent is section 90RI. These sections came into effect on 10 June 2025 as part of the family law property reforms, which moved this long standing obligation from the court rules into the Act itself. The detail of how disclosure works in practice is in Chapter 6 of the Federal Circuit and Family Court of Australia (Family Law) Rules 2021.

A few things are worth knowing:

• The duty applies from the start of your matter and is ongoing. If your circumstances change, or new information comes to hand, you keep disclosing.
• It applies whether you go to court or not. If you are negotiating consent orders or a binding financial agreement, both people are still expected to disclose fully.
• You cannot decline to disclose something just because you consider it private. Privacy does not override the disclosure duty in a property matter.

What you need to disclose

Disclosure is meant to be comprehensive. In practical terms it covers:

• Real estate, including the family home, investment properties, and land, and anything you part own
• Bank and savings accounts, including joint accounts and accounts you control
• Superannuation across every fund where you are a member, including defined benefit interests
• Investments such as shares, managed funds, bonds, and cryptocurrency
• Business interests, including your share and its value
• Vehicles, including cars, motorcycles, boats, and caravans
• Valuable personal property such as jewellery, art, and collectibles
• Insurance policies, including life insurance and income protection
• Mortgages, loans, credit cards, and other debts
• Income from all sources, including salary, bonuses, rental income, and investment income
• Other financial resources, including interests in family trusts or companies
• Property you have sold, transferred, or gifted in the 12 months before separation or since separation

This is not an exhaustive list, but it shows the scope. The guiding principle is to disclose anything of financial value or significance, including resources held through trusts, companies, or other structures.

The documents to gather

If your matter goes to court, you will usually file a Financial Statement (Form 13). You will also sign an Undertaking as to Disclosure, which is a formal promise to the court that you understand your duty and have complied with it. Under the court rules, the documents commonly required in a financial case include:

• Your three most recent income tax returns and assessments
• A completed superannuation information form for each superannuation interest, and for a self managed fund, the trust deed and the fund's three most recent financial statements
• Recent bank account statements
• For business owners, your Business Activity Statements and the financial statements for any company, trust, or partnership you have an interest in
• Documents showing the value of significant assets

Even outside court, gathering these early makes negotiations smoother. It is sensible to collect bank statements, superannuation statements, recent payslips, mortgage and loan statements, and any documents that prove what you own or owe. Being organised reduces the risk of accidentally leaving something out.

How assets are valued

Sometimes the harder question is not what you own but what it is worth. Cash accounts are simple. A home, a business, or a defined benefit super interest can be more complex.

Assets are generally valued at their current value, that is, at the time of settlement or the final hearing, rather than at the date of separation. This means a property pool can shift if markets move while a matter is being resolved. For some assets you may need a formal valuation, for example a property valuer, a business valuer, or a single expert agreed between you. Courts generally expect valuations to be reasonably current. Where you and your former partner disagree on value, an independent valuation can help, though it does add cost.

How disclosure fits the property process

From 10 June 2025, the Family Law Act sets out a clearer framework for dividing property. In broad terms a court identifies the assets and liabilities, considers each person's contributions, and then considers their current and future circumstances, before deciding what is just and equitable. The reforms also make clear that the economic effect of family violence, including financial abuse, can be relevant to a property settlement. Full disclosure is what makes this assessment possible, because every step depends on knowing the true financial position.

If you think something is being hidden

Some assets are more often overlooked or hard to trace, including superannuation and defined benefit interests, interests in family trusts or companies, cryptocurrency, and overseas property. If you believe your former partner has not disclosed fully, you can ask for further information and documents, and if needed ask the court to make specific disclosure orders.

Non-disclosure has real consequences. A court may refuse to let a party rely on information they did not disclose, order them to pay costs, make specific disclosure orders, impose sanctions for breaching court orders, stay or dismiss part of the case, or in serious cases deal with the conduct as contempt of court. Importantly, if a settlement was reached on the basis of incomplete or false information, the court can later set the orders aside. In short, full disclosure protects you, and hiding assets carries genuine risk.

Keeping your information private

Your disclosure is shared with your former partner and their lawyers, and with the court if your matter is in the court system. It is not made public. Where documents contain sensitive details, such as full account numbers, you can take reasonable steps to limit how widely those details are shown. That said, you still have to disclose the underlying financial information itself.

Getting support

Financial disclosure can feel like a lot, especially early on. A family lawyer can help you understand exactly what to disclose, gather the right documents, and prepare everything in the proper form. Any formal settlement, whether consent orders or a binding financial agreement, should be put in place with independent legal advice so it is valid and reflects your circumstances.

Understanding where you stand financially is also a helpful starting point. Separately can give you a clear assessment of your situation, which can make the disclosure and settlement process feel a little more manageable.