The A- Z of Family Law
In this week’s series on the A – Z of Family Law, Georgia takes a look at the letter F, covering the topics of financial disclosure and financial agreements.
What is financial disclosure?
Financial disclosure relates to the financial circumstances of both parties. For matters where parties are dividing assets that have been part of a relationship or a marriage, it is essential that we (the solicitors, the parties and the Court) know what each party has brought into the relationship, what each party obtained during the course of the relationship and what has happened since separation.
Financial disclosure requires each party to disclose all documents and information relevant to the financial/property settlement. It is a requirement, irrespective of what court you are in and the obligation commences on both parties to provide information and documents relevant to their financial circumstances at the very beginning of the matter and continues throughout the matter.
Often when you start a matter it can be a cumbersome task to collect all of your financial information and provide it to your lawyer, but it is absolutely essential as it ensures transparency and fair and equitable orders for both parties.
What is a financial agreement?
A financial agreement can take place in three ways:-
- A Prenuptial Agreement – which is before the commencement of your relationship, where you enter into an agreement, providing for what is to take place should you separate.
- Binding Financial Agreement – which is entered into or during the course of the relationship.
- Postnuptial Agreement – which follows the end of your relationship and/or divorce.
If you would like to discuss your circumstances with our family law team, please feel free to reach out for a free 15 minute no obligation consultation.
Check out the other Letters in the A – Z of Family Law:
If you have any questions about the words we have covered in this article or would like us to explain another term please do not hesitate to contact us at Southern Waters Legal.