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property financial statements


Contact Armstrong Legal:
Sydney: (02) 9261 4555
Melbourne: (03) 9620 2777
Brisbane: (07) 3229 4448
Canberra: (02) 6288 1100

Amelia-Trotman

Financial statements (or financial reports) are formal records of the financial activities of a business, person, or other entity. Financial statements provide an overview of a person's financial condition in both short and long term. There are four basic financial statements including balance sheet, income statement, statement of retained earnings and statement of cash flows.

Financial statements generally include a statement of the parties' income, and other assets and liabilities, and other information that might be relevant to support such as special or extraordinary expenses.

Armstrong Legal has a team of highly experienced lawyers specialising in family law in relation to financial statements. We provide valuable assistance in understanding your legal rights and responsibilities, including your duties and obligations to a financial case, including full and frank disclosure of your financial circumstances.

Full and frank disclosure

You must make full and frank disclosure of financial circumstances, including.

  • All sources of earnings
  • Financial interests
  • Income
  • Property
  • Other financial resources
  • Any trust.

In property matters, a Financial Statement needs to be completed to disclose all financial resources. It is important that you outline all of your resources. If it is not possible to do this on the financial statement, Armstrong Legal strongly recommend you attach an affidavit disclosing additional financial resources.

Documents you need to file in the Family Court

You must file a Financial Statement. If that does not fully meet your duty of disclosure, you also need to file an affidavit giving further details. If your financial circumstances change after you file the Financial Statement, you must file an amended statement within 21 days after the change of circumstance.

Filling out the form

There are usually four parts to a financial statement

  • Particulars as to the parties' income and source of income
  • Expenses and usually allowing for separate itemisation of expenses specific to children. These include household, transportation, and personal expenses
  • Assets and debts, including particulars such as the names of financial institutions and account numbers.
  • Special lists for itemising on a per child basis, the alleged monthly special or extraordinary expenses or, in the event of a claim for undue hardship, the financial details of the alleged hardship such as the income of a second person in a household.

Would you like to know more or to book an appointment, please contact Armstrong Legal and talk to one of our specialist family law solicitors on 1300 168 676.



where to next?

Taking the next step and contacting a family lawyer can be scary. Our lawyers will make you feel comfortable so you can talk about your situation. But first, ask yourself, Do I really need a lawyer?

Why Choose Armstrong Legal?

Contact Armstrong Legal:
Sydney: (02) 9261 4555
Melbourne: (03) 9620 2777
Brisbane: (07) 3229 4448
Canberra: (02) 6288 1100

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