After separation, it can be difficult to know which financial documents matter and what should be dealt with first.

You do not need to value every asset or resolve the property settlement immediately. A practical starting point is to create a clear picture of the property, debts, income and financial interests connected with you and your former partner.

McDonald Legal’s family law services assist Melbourne clients with property and financial matters after separation. Gathering the right information early can help a lawyer understand the position, identify gaps and explain what may need attention next.

Quick overview

Start by gathering information about:

• real estate
• bank accounts and cash
• mortgages, loans and credit cards
• superannuation
• income and tax
• businesses, companies and trusts
• shares and other investments
• vehicles and valuable personal property
• inheritances, gifts and other financial resources

Bring what you can access readily. If something is missing, make a note of it rather than delaying advice.

Begin with a simple financial summary

Prepare a one-page summary under four headings:

• Assets: property, savings, investments and other items of value
• Liabilities: mortgages, loans, credit cards and tax debts
• Financial resources: interests that may have financial value, including some trust interests or future benefits
• Income: wages, business income, distributions and other regular income

Include assets and debts held in one name, both names or through a business or trust. Do not leave something out simply because you believe the other person owns it.

Approximate values can be useful if they are clearly marked as estimates. Record where each estimate came from, such as a recent statement, rates notice or appraisal.

Property, bank accounts and debts

For real estate, gather the property address, recent mortgage statements, council rates notices and any appraisal or valuation already available. Include information about investment properties, rental income, redraws and refinancing where relevant.

For accounts and debts, collect recent records for:

• transaction and savings accounts
• term deposits and offset accounts
• credit cards and personal loans
• lines of credit
• accounts used for business or investment purposes

Download full statements where possible rather than relying only on screenshots. Statements generally provide clearer dates, balances and transaction descriptions.

Also note any significant withdrawal, transfer or new debt after separation. Keep the record factual. A lawyer can advise whether the transaction may be relevant.

Superannuation, income and tax

Gather recent superannuation statements showing the fund name, member number and current balance. Include details of any self-managed fund, pension, defined benefit interest, rollover or withdrawal.

Useful income and tax records may include:

• recent payslips
• tax returns and Notices of Assessment
• employment contracts
• Centrelink or other payment statements
• rental income and dividend records
• business drawings, bonuses or trust distributions

If income varies, collect records across a reasonable period rather than relying on one unusually high or low payment.

Businesses, trusts and investments

Depending on the structure, useful records may include:

• company or shareholder details
• partnership agreements
• trust deeds
• recent financial statements
• profit and loss reports
• business tax returns and Business Activity Statements
• loan account and distribution records
• any existing business appraisal or sale offer

Do not assume an interest is irrelevant because an asset is not held personally. The structure, ownership and level of control may need to be understood.

Also list shares, managed funds, cryptocurrency, investment accounts, vehicles and other assets with meaningful financial value. A broad list of ordinary household items may be enough initially unless ownership or value is disputed.

Inheritances, gifts and other financial resources

Tell your lawyer about significant inheritances, gifts, compensation payments or other financial benefits received before, during or after the relationship.

Keep records showing when the asset or money was received, its original value, what happened to it and whether any amount remains.

Do not assume that an inheritance or gift will automatically be treated in a particular way. Its relevance may depend on the facts and timing.

Financial disclosure is ongoing

Separating couples dealing with a property or financial dispute have a duty to provide relevant financial information and documents. The Attorney-General’s Department explains that the duty of financial disclosure continues while the property matter is being resolved.

The Federal Circuit and Family Court of Australia also identifies financial documents that may need to be exchanged, including taxation, banking, superannuation and business records.

Gathering information early can make this process more manageable and identify records that may be held by an accountant, financial institution or another person.

What if information is missing?

It is common for one person not to have every record, particularly where the other person managed the finances or business affairs.

Make a list of:

• what you have
• what you know exists
• what you cannot access
• who may hold a copy

Do not delay legal advice while trying to complete the entire financial picture yourself. A lawyer can explain what information may be required and what lawful processes may be available to obtain it.

You can seek family law advice after separation even if your records are incomplete.

Keep the documents organised

Create separate folders for property, accounts, debts, superannuation, tax, businesses, investments and correspondence.

Use clear file names that include the date and account or asset. Keep original electronic files where possible, and avoid cropping or altering documents in a way that removes relevant information.

A simple spreadsheet listing each asset, debt, estimated value, owner and supporting document can also make the information easier to review.

Speak with McDonald Legal

A clear financial picture can help identify what exists, which records are missing and what issues may need closer attention. It does not require you to decide the final property settlement before receiving advice.

McDonald Legal assists with property and financial matters arising after separation and offers a free thirty-minute consultation.

To discuss your circumstances, contact McDonald Legal or call (03) 9070 1107.

This article provides general information and is not legal advice. The information required in a family law property matter depends on the circumstances.