At GML Lawyers, we advise clients on the importance of providing clear, full, and frank disclosure in any relationship property matter, whether you are negotiating an agreement following a separation, going through court proceedings, or preparing a contracting out (pre-nuptial) agreement. We do this in order to avoid the risk that the settlement could be challenged in the future.
The Family Court has the power to set aside a relationship property agreement if giving effect to it would cause “serious injustice,” and there have been many cases where non-disclosure of relevant financial information and circumstances has led to this outcome. If the Court makes final orders for the division of relationship property, but it is later discovered that one party made a material non-disclosure, it may be possible for the orders to be set aside.
Proper negotiation is not possible without full disclosure, and at GML Lawyers, we can help you to apply to the Court for “discovery” if there is a concern that disclosure is not forthcoming. Lack of disclosure can have serious consequences, as demonstrated by cases where agreements have been overturned or challenged due to a failure to disclose relevant information.
When dividing relationship property by way of agreement, it is important to disclose and accurately record values for items of property and debts. In one case, a party failed to disclose accurate values for shares in a company, leading to a lengthy court battle and the imposition of costs.
Honesty is crucial in negotiations, and at GML Lawyers, we believe it is essential to have full confidence in the other party’s honesty about values. If there are doubts about honesty, it may be advisable to seek legal advice. Our team at GML Lawyers is here to assist you with all aspects of relationship property matters and ensure that you are protected throughout the process.
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