Affidavit Of Assets And Liabilities Template for Australia

An Affidavit Of Assets And Liabilities is a sworn legal document that provides a complete and truthful account of your financial position. Under Australian law, this document serves as formal evidence in legal proceedings and must be prepared with absolute accuracy, as false declarations can result in serious legal consequences including criminal charges.

When do you need this document?

You will typically need an Affidavit Of Assets And Liabilities during family law proceedings, particularly divorce and property settlement cases where the Family Court requires full financial disclosure from both parties. It is also mandatory in bankruptcy proceedings under the Bankruptcy Act 1966 (Cth), where you must declare all assets and liabilities to creditors and trustees. Financial institutions may request this document when assessing loan applications or debt restructuring proposals. Additionally, courts may order its preparation in civil litigation matters involving financial disputes, estate proceedings, or when determining compensation amounts.

Key legal considerations

Your affidavit must include comprehensive details of all real property, personal property, financial assets, business interests, superannuation funds, debts, and ongoing financial commitments. You are legally obligated to disclose all assets regardless of their location, including overseas holdings. The document must be current and accurate at the time of swearing, with updates required if your financial circumstances change significantly before the matter concludes. Remember that deliberately omitting assets or providing false information constitutes perjury and can result in criminal prosecution. The affidavit becomes a public court document once filed, so consider privacy implications carefully.

Legal requirements in Australia

Under the Evidence Act 1995 (Cth), your affidavit must be sworn or affirmed before an authorized person such as a Justice of the Peace, Commissioner for Declarations, or solicitor. State-specific Oaths Acts govern the formal requirements for execution. The document must include your full legal name, occupation, and address, followed by a formal oath or affirmation statement. Federal Court Rules 2011 specify formatting requirements for federal court proceedings, while family law matters follow Family Law Rules. You must attach supporting documentation such as bank statements, property valuations, and loan agreements. The affidavit should be organized with numbered paragraphs and clear headings for different asset categories, ensuring easy reference during court proceedings.