Full and Frank Disclosure Family Law: What You Must Provide

Hiding assets during a property settlement doesn't just hurt your ex-partner — it's one of the most effective ways to destroy your own case. Australian family courts can set aside finalized agreements years after settlement if non-disclosure is later discovered, award the concealing party's share to the other side, order payment of all legal costs, and in serious cases, refer the matter for contempt proceedings.

Since 10 June 2025, the duty of full and frank financial disclosure has been elevated from the court rules into the Family Law Act 1975 itself. It's no longer just procedural guidance — it's a statutory obligation.

What the Duty Requires

Both parties must fully disclose all financial information relevant to the property settlement. This duty is:

• Strict: There is no minimum threshold. All assets, income, and liabilities must be disclosed regardless of size.
• Ongoing: The duty doesn't end when negotiations begin — it continues until formal orders are sealed or a BFA is signed.
• Proactive: You must update your disclosure within 21 days if your financial circumstances change during proceedings.
• Unilateral: You must comply even if your partner hasn't yet provided their disclosure.

The duty applies to interests held directly or indirectly — whether in your own name, jointly, through a company or trust you control, or as a beneficiary of a family trust.

What You Must Disclose

The FCFCOA requires a standard package of financial documents. In most property matters, this means:

Income and tax records:

• The three most recent personal income tax returns
• The three most recent ATO Notices of Assessment
• Most recent payslip or payslips (for employees)
• Most recent business financial statements and BAS (for self-employed parties)

Bank and financial accounts:

• Complete statements for all bank accounts (joint and individual) for the last 12 to 24 months
• Credit card statements for the same period
• Loan statements for all personal and investment loans

Superannuation:

• Most recent member statement for all superannuation funds
• For defined benefit schemes: the trustee-provided actuarial valuation

Real estate:

• Certificate of title for all properties
• Current market appraisal or registered valuer's report
• Mortgage statements showing current balance

Business and trust interests:

• Three years of financial statements and corporate tax returns for any private company in which you have an interest
• Trust deeds and three years of financial statements for any family trust that distributes to you
• Details of any director loan accounts or unpaid trust entitlements

Other assets:

• Vehicle registration and finance details
• Investment portfolio statements (shares, managed funds)
• Details of any asset sold, transferred, or given away in the 12 months before and after separation

The Mandatory Form: Form 13 Financial Statement

If the matter proceeds to court — either through contested proceedings or an application for Consent Orders — both parties must file a Form 13 Financial Statement.

This sworn document details:

• Weekly income (all sources)
• Weekly expenses (broken into categories)
• All assets and their estimated values
• All liabilities and their outstanding balances
• Financial resources (superannuation, trust interests, expected inheritances, business loans)

Because the Form 13 is sworn, it has the legal status of an affidavit. Providing false or misleading figures — whether through error or deliberate omission — constitutes filing a false affidavit. The penalties include adverse cost orders, evidentiary restrictions, percentage adjustments against you, and in egregious cases, referral for perjury.

If your financial circumstances change during proceedings, you must file an amended Form 13 within 21 days of the change.

The Undertaking as to Disclosure

Before the first court date in any financial proceeding, both parties must sign and file an Undertaking as to Disclosure. This is a formal promise to the court that:

• You have read and understand the disclosure obligations
• You have complied with those obligations to the best of your knowledge
• You understand that non-compliance constitutes a serious breach

As of March 2026, this undertaking requires a formal witness signature. It is filed as a court document and becomes part of the record.

What Happens If You Don't Disclose

Courts have several tools to address non-disclosure, and they use them:

Adverse inferences: The court can assume you have undisclosed assets and make a percentage adjustment against you. If you can't explain what happened to $80,000 that was in a joint account at separation, the court may treat it as still existing and adjust the pool accordingly.

Add-back of wasted assets: Under the 2025 reforms, the court can add back to the pool the value of any assets "intentionally or recklessly" dissipated post-separation. Spending joint savings on gambling, transferring cryptocurrency to a new wallet, or gifting cash to family members are examples that can be reversed.

Cost orders: Non-disclosing parties routinely end up paying the other party's legal fees. In contested matters, these can run to tens of thousands of dollars.

Evidentiary restrictions: The court can prohibit a non-complying party from introducing their own financial evidence at trial.

Setting aside final orders: Even years after a settlement is finalized, if non-disclosure is discovered, the court can set aside the original Consent Orders or BFA entirely and reopen the property division. There are real cases where spouses have hidden cryptocurrency, business interests, or overseas property, only for it to be discovered years later — resulting in completely re-litigated settlements.

Practical Steps to Comply

1. Gather documents immediately after separation. Ensure you preserve financial records before they can be deleted or lost. This includes accessing online banking records, downloading statements, and photographing key documents.

2. Be comprehensive, not selective. Disclose everything — even assets you believe are "yours" separately or pre-relationship. The court decides what's in the pool; you don't get to pre-filter.

3. Update if circumstances change. Sold an investment? Received an inheritance? Started a new job? These must be disclosed within 21 days if proceedings are on foot.

4. Don't rely on informal verbal disclosure. Disclosure must be documented and exchangeable. Verbal conversations don't satisfy the formal duty.

The Victoria Divorce Financial Split & Asset Division Guide includes a complete financial disclosure checklist covering all document categories, guidance on how to exchange disclosure with your partner before mediation, and what to do if you suspect your partner isn't being fully transparent.

See more Victoria guides →