In recent times, there has been a spate of celebrity separations—Hugh Jackman and Deborra-Lee Furness, Joe Jonas and Sophie Turner, Sofía Vergara and Joe Manganiello, just to name a few. This has highlighted the complexities of divorce proceedings experienced by celebrities but also non celebrities. Navigating the separation process, particularly in relation to resolving property and financial settlement, can be challenging, especially in cases where there is substantial wealth and assets. In this article Carolyn Devries, the founder of, New Way Lawyers, provides legal insights that any couple contemplating divorce should be aware of.

You must declare all your assets and finances

In Australia, there is a mandatory requirement for parties involved in family law matters to be transparent about their financial circumstances - a process known as financial disclosure'. Essentially this is an obligation that requires each party to provide a truthful declaration of all assets and liabilities, so that a fair and equitable distribution of property can occur. Trying to dispose of or hide assets can result in serious consequences.

Financial Red Flags

There are red flags that can be an indicator of potential non disclosure or discrepancies in a parties financial position. These can include unusually large cash withdrawals, mysterious transfers to unknown accounts, substantial gifts or loans to friends, undisclosed income sources and a disparity between declared income and lifestyle.

Social Media as Evidence

Social media is an open book and even if you’re not friends with your ex, your friends may share information you publish. Posts about extravagant purchases or vacations, especially when contrasted with claims of financial duress, can serve as potential indicators of undisclosed assets. While not conclusive evidence, these digital footprints can provide valuable leads.

Get Legal Assistance

If there is any suspicion of hidden assets, it is important to seek professional legal advice immediately. A family lawyer can offer essential guidance and implement protective measures, such as filing for an injunction to prevent the rapid disposal or mismanagement of assets.

Keep Records of Everything

To support your case and address potential hidden assets, ensure that your lawyer has access to all financial documents, including asset lists, information about third-party asset holders and digital transaction records.

If you have questions about financial matters during a divorce, New Way Lawyers has a Facebook Group that operates every lunch time. Click here to visit the page. You can pop your questions into the group and they will be answered by an experienced lawyer, absolutely free.

About

Carolyn Devries is the founder of New Way Lawyers is Australia’s first non-profit law firm. 13 years ago, New Way Lawyers was established with a non-profit structure to offer Australian’s an alternative approach to family law, whereas most family law firms structure their business model around generating profit.

Carolyn has also founded a Facebook group called Lunch with A Lawyer where people can ask their family law questions for free. A link to the group can also be found here.