FCFCOA Financial Statement: How to Complete It (AU)

In short

The FCFCOA Financial Statement is the mandatory sworn disclosure document in every property settlement in the Federal Circuit and Family Court. To complete it, gather your financial documents and professional valuations, then disclose every asset, liability, superannuation balance and financial resource across Parts A–D, sign the declaration, and file via the Commonwealth Courts Portal.

The FCFCOA Financial Statement is a sworn document. When you sign it, you affirm that every asset, liability, and financial resource has been disclosed truthfully and completely. Concealment — whether deliberate or by omission — carries serious legal consequences.

Understanding the Financial Statement

This comprehensive sworn statement requires you to disclose every asset you own or have an interest in, every liability you owe, all superannuation entitlements, current income, and any other financial resources — including expected inheritances and trust interests.

Why the form is foundational

Establishes the asset pool — identifies and values everything available for division.
Enables informed negotiation — both parties understand the complete financial picture before any settlement discussion.
Supports judicial decision-making — the court relies on it to assess contributions and determine a just and equitable outcome.
Protects against future disputes — comprehensive disclosure prevents later claims based on non-disclosure.

The duty of full and frank disclosure

Australian family law imposes a strict and continuing duty on all parties to provide full and frank disclosure of their financial circumstances. This duty is not optional, partial, or conditional.

Full — every asset, liability, and resource disclosed; no omissions.
Frank — honest, truthful, and transparent; no concealment or minimisation.
Timely — provided when required, updated if circumstances change materially.
Comprehensive — supported by documentary evidence proving accuracy.

What must be disclosed

Real property — houses, land, investment properties, overseas property.
Financial assets — bank accounts, shares, managed funds, cryptocurrency.
Business interests — company shares, partnership interests, sole trader businesses.
Personal property — vehicles, boats, artwork, jewellery, furniture.
Superannuation — all super funds, SMSFs, pension accounts.
Liabilities — mortgages, loans, credit cards, tax debts, guarantees.
Financial resources — inheritances, trust interests, earning capacity.

Consequences of non-disclosure

Property orders set aside — sometimes years after being made.
Adverse costs orders — you pay the other party's legal fees.
Property adjustment in the other party's favour as a penalty.
Criminal prosecution for perjury or contempt of court.

The duty of disclosure exists regardless of when you acquired an asset, how you acquired it, or whether you believe it forms part of the "matrimonial pool." All assets must be disclosed. The court determines how to treat different assets — your obligation is complete transparency.

When to file

The Financial Statement is required at specific procedural stages. Understanding when disclosure obligations arise ensures compliance and prevents costly delays.

As the Applicant

If you are filing an Initiating Application for property orders, the Financial Statement must be filed simultaneously with the application. You cannot commence property proceedings without providing your financial disclosure. The Family Law Rules 2021 are explicit on this point.

As the Respondent

If you are the Respondent, the Financial Statement must be filed within 35 days of being served with the Initiating Application and the Applicant's Financial Statement. This deadline is strict. For example: served on 1 February, your statement is due by 8 March. Failure to file on time can result in court orders compelling disclosure or adverse cost consequences.

For consent order applications

When applying for property consent orders (Form 11), both parties must file Financial Statements as supporting documents, even where the division has already been agreed. The court must be satisfied the agreement is just and equitable — comprehensive disclosure supports approval.

Ongoing duty to update

The duty of disclosure is continuing. If your financial circumstances change materially between filing and the final hearing, you must file an updated Financial Statement. Material changes include property value movements greater than 10%, new assets acquired, assets sold or disposed of, and significant debt increases. Update as soon as a change occurs — always before the next court event.

Consequences of late or non-filing

The court may make orders compelling disclosure and penalising non-compliance with costs.
Your Response or application may be struck out for non-compliance with procedural rules.
Proceedings may be delayed, increasing costs for all parties.
The judicial officer may draw adverse inferences about financial circumstances from a refusal to disclose.

Step-by-step completion guide

Follow this methodical process to prepare a complete, accurate, and properly supported Financial Statement that satisfies the duty of full and frank disclosure.

Step 1 — Gather all financial documentation

Before completing the form, assemble every document evidencing your assets, liabilities, income, and financial resources. This foundational step prevents omissions and ensures accuracy when you are completing values across two distinct dates.

Two critical dates

The Financial Statement requires values at two distinct dates: the date of separation (when you and your partner stopped living as a couple) and the current date of preparation. Gather documents that cover both.

Asset documentation to gather:

Real property — certificates of title, council rates notices, mortgage statements, recent professional valuations.
Financial assets — bank statements (12 months), share portfolio statements, managed fund statements, cryptocurrency exchange records.
Business interests — company financial statements, partnership agreements, business tax returns, business valuations.
Personal property — vehicle registration papers, boat registration, artwork appraisals, jewellery valuations.

Liability and resource documentation to gather:

Liabilities — mortgage documents, loan contracts, credit card statements, tax assessment notices, guarantee agreements.
Superannuation — member statements from all super funds, SMSF financial statements, pension account details.
Income — pay slips, tax returns (2–3 years), profit and loss statements, Centrelink statements.
Other resources — trust deeds, inheritance letters, compensation settlement documents.

Step 2 — Obtain professional valuations for significant assets

For significant assets, particularly real property and business interests, professional valuations from qualified, independent experts are essential. Online estimates or real estate agent appraisals are generally insufficient for court purposes.

Asset type	Required valuer	Valuation method
Real property	Registered property valuer or API-certified practising valuer	Market approach comparing recent comparable sales
Business interests	Chartered accountant or certified business valuer	Capitalisation of earnings, net asset, or discounted cash flow
Significant personal items	Specialist valuer (artwork, boats, collectibles over $10,000)	Market or replacement value methodology

Valuation requirements

Must be in writing with the valuer's signature and qualifications stated.
Methodology must be explained (comparable sales, income approach, etc.).
Should be dated within 3–6 months of filing.
Valuer must be independent — not a family member, friend, or person with a vested interest.

Step 3 — Request superannuation information from all funds

Superannuation represents a significant component of the asset pool and must be disclosed comprehensively, including all past and present super funds.

Log into myGov and link to the ATO to access your super information.
Use the ATO's Super Search service to locate any lost or forgotten accounts.
Contact each fund directly to request detailed member statements.
For SMSFs, request financial statements from the fund trustee or accountant.

Step 4 — Complete Part A: Personal details

Part A captures your identification details, relationship status, and key dates — full legal name, date of birth, current residential address, occupation, employer details, relationship status, marriage date, and separation date. Accuracy here is critical as it establishes the context for the entire financial disclosure.

Step 5 — Complete Part B: Assets

Part B requires comprehensive disclosure of all assets categorised by type: real property, personal property, financial assets, and business interests. For each asset, disclose the description, location or account details, ownership percentage, value at separation, current value, supporting valuation evidence, and proposed treatment (retain, transfer, or sell).

Step 6 — Complete Part C: Liabilities

Part C captures all liabilities — mortgages, loans, credit cards, tax debts, and any other financial obligations. For each liability, state the creditor name, account number, amount owing at separation, current amount owing, repayment terms, and whether the debt is secured or unsecured. Attach recent statements proving current balances. Complete disclosure of liabilities is as important as disclosing assets.

Step 7 — Complete Part D: Financial resources and income

Part D discloses superannuation balances across all funds, current income from employment or business, earning capacity, expected inheritances, trust interests, and any other financial resources. Attach superannuation statements, tax returns, pay slips, and business financial statements.

Step 8 — Sign the declaration and file with supporting documents

Review the completed Financial Statement carefully, sign the declaration confirming full and frank disclosure, and file electronically via the Commonwealth Courts Portal with all supporting documentation attached.

Pre-filing checklist

All assets disclosed with separation-date and current values.
All liabilities listed with current balances and creditor details.
Superannuation member statements attached for all funds.
Professional property and business valuations attached.
Bank statements attached (12 months, all accounts).
Tax returns attached (2–3 recent years).
Declaration signed and dated.

Critical mistakes to avoid

These common errors undermine disclosure obligations, delay proceedings, and can result in orders being set aside or severe penalty consequences.

Omitting "pre-relationship" or inherited assets

A common misconception: assets acquired before the relationship, or inherited during it, don't need to be disclosed because they're "not matrimonial property." This is wrong. The Financial Statement requires disclosure of all assets you currently own or have an interest in, regardless of when or how you acquired them. The timing and source of acquisition affects how the court treats those assets — not whether they must be disclosed.

Using informal estimates instead of professional valuations

Online estimates and real estate agent appraisals are generally insufficient. If the matter proceeds to hearing or if the other party disputes a value, the court expects independent professional valuations with a stated methodology.

Filing and forgetting

The duty of disclosure is continuing. If a property value changes significantly, a new asset is acquired, or a debt is paid down, an updated Financial Statement must be filed before the next court event. Courts draw adverse inferences when stale disclosures are maintained.

Transparency builds credibility

Courts recognise and reward parties who provide comprehensive, transparent financial disclosure. Attempting to minimise or conceal assets invariably backfires — destroying credibility and inviting forensic scrutiny of the entire disclosure.

Supporting documentation

The Financial Statement must be accompanied by comprehensive documentary evidence proving the existence, ownership, and value of every disclosed asset and liability. These are the documents you'll need.

Mandatory documents

Bank statements — 12 months, all accounts.
Tax returns — 2–3 recent years.
Superannuation member statements — all funds.
Property valuations from registered valuers.

Additional evidence (where applicable)

Business financial statements and tax returns.
Share portfolio and managed fund statements.
Loan and mortgage documents with current balance statements.
Credit card statements.
Business valuation reports.
Trust deeds and trustee financial statements.

What happens after filing

After the Financial Statement is filed, the other party reviews your disclosure and may request further particulars or documents. The court may also direct additional disclosure if gaps are identified at a first return date or procedural hearing.

Be prepared to provide additional documentation if requested. If your circumstances change materially between filing and the final hearing, file an updated Financial Statement promptly — do not wait for the other party or the court to raise it.

In contested matters, parties sometimes exchange and review each other's Financial Statements and supporting documents during a process known as disclosure. If you believe the other party has concealed assets, you can issue subpoenas to banks, employers, government agencies, or other institutions to obtain financial records, or apply to the court for orders compelling further disclosure.

Common questions

What is the Financial Statement (Form 13)?

The FCFCOA Financial Statement is the mandatory financial disclosure document required in all property settlement proceedings in the Federal Circuit and Family Court of Australia. It provides a complete snapshot of each party's financial position at separation and at the time of filing, enabling the court to make informed, just, and equitable property division orders. It is a sworn document requiring you to disclose every asset you own or have an interest in, every liability you owe, all superannuation entitlements, current income, and any other financial resources — including expected inheritances and trust interests.

How do you complete the FCFCOA Financial Statement?

Gather every document evidencing your assets, liabilities, income and financial resources at both the date of separation and the current date; obtain professional valuations for significant assets such as real property and business interests; and request member statements from all your superannuation funds. Then complete Part A (personal details), Part B (assets), Part C (liabilities) and Part D (financial resources and income), sign the declaration confirming full and frank disclosure, and file electronically via the Commonwealth Courts Portal with all supporting documents attached.

What happens if I don't disclose all my assets in the Financial Statement?

Failure to provide full and frank disclosure is a serious breach with severe consequences. The court may set aside any property settlement orders, impose adverse costs orders requiring you to pay the other party's legal fees, adjust the property division against you as a penalty, or in extreme cases refer the matter for criminal prosecution for perjury or contempt of court.

Do I need to get my house professionally valued or can I estimate it?

For significant assets like real property, a professional valuation from a registered valuer is strongly recommended and often required by the court. Whilst parties can agree on a value, if there is any dispute or if the matter proceeds to trial, the court expects independent professional valuations with supporting methodology. Online estimates or real estate agent appraisals are generally insufficient.

What if I don't know the exact value of my superannuation?

Contact your superannuation fund directly and request a detailed member statement showing your total balance as at the current date. All Australian super funds are required to provide this information to members. If you have multiple funds or are unsure which funds you belong to, use the ATO's online services through myGov to locate your super. Self-managed super funds require trustee-provided statements.

Do I have to disclose my expected inheritance from my parents?

Yes, expected or potential inheritances must be disclosed as financial resources in Part D of the Financial Statement, even if they haven't been received yet. The court considers both actual and reasonably anticipated financial resources when assessing property settlement applications. However, the weight given to potential inheritances depends on their proximity and certainty.

How current do my financial documents need to be?

Financial disclosure should be as current as practicable, ideally within the last 30–60 days for account balances and valuations. For real property valuations, the court generally expects valuations dated within 3–6 months. If there's significant delay between preparation and hearing, you may need to file an updated Financial Statement reflecting current values.

What if my business doesn't have formal financial statements?

Even sole traders or small businesses without audited financial statements must provide financial disclosure. At minimum, attach business tax returns, profit and loss statements prepared by an accountant, bank statements for business accounts, and evidence of business debts. For more complex businesses, a business valuation from a qualified business valuer may be necessary.

Can I claim financial hardship to avoid paying for professional valuations?

Whilst the court understands that professional valuations involve costs, the duty of full and frank disclosure is non-negotiable. If genuinely unable to afford valuations, you can apply for a fee exemption to reduce court costs, seek assistance from community legal centres, or propose that parties jointly engage and share the cost of a single valuer. However, attempting to avoid disclosure obligations due to cost is not accepted.

Do I need to disclose assets I owned before the relationship?

Yes, the Financial Statement requires disclosure of all assets you currently own or have an interest in, regardless of when you acquired them. Assets brought into the relationship, inherited during the relationship, or acquired after separation must all be disclosed. The timing and source of acquisition affects how the court treats those assets in property division — not whether they must be disclosed.

What if the other party has hidden assets I can't prove?

If you suspect the other party has failed to disclose assets, you can issue subpoenas to banks, employers, government agencies, or other institutions to obtain financial records. You can also apply to the court for orders requiring further disclosure or discovery of specific documents. The court takes non-disclosure very seriously and may draw adverse inferences against parties who fail to provide complete disclosure.