What is a Financial Statement?

A financial statement must be completed when filing an application or responding to an application prior to a property settlement. This form provides for full disclosure of property, liabilities, financial resources, superannuation, employment details and other financial details.

The financial statement takes the form of an affidavit, which is a sworn document of the court. When providing information in an affidavit, you are swearing to the court that it is true. When identifying assets full and frank disclosure should be demonstrated. For these reasons, it is important to complete the form truthfully and accurately

You also must update the statement if there are any changes in income. In situations where the matter proceeds to court, the form should be as accurate and as up to date as possible before the final hearing.

It is sensible to seek the assistance of a lawyer in completing and updating this form. A lawyer can ensure the form is completed correctly and help to avoid any problems that might arise due to errors in completing the form.

Vanessa Mathews