What Is a Financial Statement in Australian Family Law?

If you’re going through a separation or divorce in Australia, you’ve likely heard about the Financial Statement—also known as Form 13. This document is a crucial part of the family law process, and understanding what it is and why it matters can help you navigate your separation more confidently.

What Is a Financial Statement?

A Financial Statement is a comprehensive legal document that provides a complete picture of your financial situation. It’s required by the Family Court of Australia and the Federal Circuit and Family Court of Australia when dealing with:

Property settlement
Spousal maintenance
Child support matters

Think of it as a financial snapshot that covers everything from your income and assets to your debts and living expenses.

Why Is It Required?

The court requires Financial Statements to ensure fair and transparent property settlements. When both parties provide complete financial disclosure, it allows:

Fair negotiations between you and your ex-partner
Accurate assessment of the asset pool for division
Informed decisions by the court if the matter goes to hearing
Legal protection for both parties

In Australia, you have a duty of disclosure—this means you’re legally required to reveal all relevant financial information, even if it doesn’t seem favourable to your case.

What Information Does It Include?

A Financial Statement covers several key areas:

Personal Details

Your full name, date of birth, and contact information
Employment details and occupation
Relationship information (marriage/separation dates)

Income

Salary and wages
Business income
Investment income
Government benefits
Any other sources of income

Assets

Real property (homes, investment properties, land)
Bank accounts and term deposits
Superannuation
Vehicles (cars, boats, motorcycles)
Shares and investments
Business interests
Personal property of value

Liabilities

Mortgages
Personal loans
Credit card debts
HECS/HELP debt
Tax debts
Any other financial obligations

Expenses

Housing costs
Food and groceries
Transport
Health and medical
Children’s expenses
Personal and lifestyle costs

Who Needs to Complete One?

Both parties in a separation need to complete their own Financial Statement if:

You’re applying for a property settlement through the court
You’re applying for spousal maintenance
You’re responding to an application from your ex-partner
You’re negotiating a Binding Financial Agreement

Even if you’re reaching an amicable agreement outside of court, many solicitors recommend completing Financial Statements to ensure full disclosure and protect both parties legally.

How Long Does It Take?

Traditionally, completing a Financial Statement with a lawyer can take several weeks and cost thousands of dollars in legal fees. You need to gather documents, attend multiple appointments, and wait for the lawyer to compile everything.

With ezysplit, most people complete their Financial Statement in under 2 hours. Our platform guides you through each section with clear instructions, and features like Open Banking integration and AI valuations eliminate much of the manual work.

Tips for Completing Your Financial Statement

1. Gather Your Documents First

Before you start, collect:

Recent payslips or income statements
Latest tax return (or Notice of Assessment)
Superannuation statements
Property valuations or estimates
Bank statements
Loan and credit card statements

2. Be Thorough and Honest

Full disclosure is a legal requirement. Include all assets and liabilities, even those in your ex-partner’s name or held jointly. Hiding assets can have serious legal consequences.

3. Take Your Time

You don’t need to complete everything in one sitting. Save your progress and return when you have the necessary information.

4. Keep Records

Maintain copies of all documents supporting the values in your Financial Statement. You may need to provide evidence later.

5. Review Before Finalising

Check all figures carefully. Once submitted to the court, changes require filing an amended statement.

How ezysplit Helps

ezysplit makes completing your Financial Statement straightforward:

Step-by-step guidance in plain English
Open Banking integration to import bank data automatically
AI property valuations using Australian market data
AI vehicle valuations for cars, boats, and motorcycles
Progress tracking so you know exactly where you’re up to
Court-ready PDF formatted for Australian courts

You can start for free and only pay when you’re ready to download your final document.

Next Steps

If you’re preparing for separation in Australia, getting your Financial Statement sorted early can make the entire process smoother. It gives you clarity on your financial position and helps facilitate productive discussions with your ex-partner or legal representatives.

Ready to get started? Create your free ezysplit account and begin your Financial Statement today.

This article provides general information only and is not legal advice. For advice specific to your situation, please consult a qualified Australian family lawyer.