Hidden assets can take many forms with common examples including:

• Transferring money to family or friends to hold temporarily
• Undervaluing business interests or property
• Deliberately overpaying debts to recover later
• Withholding information about bank accounts, investments, or cryptocurrency
• Transferring property into someone else’s name before separation

Even small omissions, like forgetting to declare a bonus, tax refund, or side income, can have serious implications during a property settlement.

Under the Family Law Act 1975, both parties have a duty to provide full and frank disclosure of all financial information. This means every asset, liability, income source, and financial resource must be disclosed whether owned individually, jointly, or through a business or trust.

Failing to meet this obligation can result in serious consequences, including:

• Court orders to re-open a property settlement
• Cost penalties
• Findings of contempt of court (can lead to fines or imprisonment)
• Damage to credibility before a judge

If you believe your ex-partner is concealing assets, there are several steps that can help uncover the truth.

1. Financial Disclosure and Discovery
During the property settlement process, both sides must exchange financial documents including tax returns, bank statements, superannuation records, business financials, and loan documents. If something seems inconsistent or incomplete, your lawyer can request further disclosure or apply to the court for discovery orders.

2. Subpoenas
If needed, your lawyer can issue subpoenas to third parties (such as banks, accountants, or employers) to obtain relevant financial information.

3. Forensic Accountants
In complex cases, a forensic accountant can be engaged to trace funds, analyse business structures, and identify irregularities in financial records. They are skilled at finding patterns that may reveal hidden money or undervalued assets.

The Family Court takes financial dishonesty very seriously. If it’s proven that one party deliberately concealed or undervalued assets, the court can:

• Adjust the final property division in favour of the honest party
• Re-open a previously settled agreement
• Order the dishonest party to pay legal costs
• Impose other penalties for misleading the court

In some cases, criminal charges may also apply if fraud or perjury is involved.

Property settlements are built on honesty and transparency. When one party tries to hide assets, it not only undermines trust but can lead to costly and time-consuming legal consequences. With the right legal advice and, where needed, the help of forensic experts, hidden assets can be uncovered, ensuring a fair and equitable outcome.