The foundation of any property settlement is disclosure. You will hear family lawyers say “Disclose until it hurts and then disclose some more.”
For many parties this mantra is easy- a house that needs valuing, bank accounts, some publicly listed shares and superannuation – a balance sheet like that has documents which will show their value and identify who holds what assets and how.
Sometimes though things aren’t so simple – imagine;
- You are the director of U Pty Limited.
- U Pty Limited is the corporate trustee of The U Trust.
- The 100 shares in U Pty Limited are owned by your brother and your nephew (50 shares each).
- You are in a family law dispute with your now ex-partner.
Do you have an obligation of disclosure of the financial statements and tax returns for either U Pty Limited of The U Trust?
Sound easy? Nope – the answer to this question is a complicated one that will depend on both the structuring and likely how the trust deed or company constitution operates.
If you want to know more, contact Tiyce & Lawyers today. We’re here when you need us.
