Is COVID-19 speeding up your financial disclosure?
Sure COVID-19 has an impact on your family law property matters because the Courts are closed, but is it possible that it is also speeding up your matter?
In some cases where there is a large superannuation asset the stock market issues have caused matters to move more quickly, at least for the party who wants the benefit of paying less superannuation to their spouse. Perhaps one party is keen to move on the matrimonial home while the market is restricted by COVID requirements around viewing and selling houses, as well as the fact that a party can only view a house if they are going to live in it (so no buyers looking for rental properties).
In some cases it is causing delays, as clients are unsure whether they can secure a rental property or purchase a replacement property.
Whether your matter is moving more quickly or more slowly the fact still remains that asset values are changing perhaps more quickly than they ever have before, making financial disclosure and in particular the ongoing financial disclosure obligations a bit of a nightmare. If you are using FamilyProperty for your financial disclosure then all of the documents gets grouped under the relevant asset, making it easier to find your current valuation and the previous valuation. Soon we will be launching a new feature for FamilyProperty, which is a two way financial disclosure portal. Giving the functionality of FamilyProperty disclosure processes to the other side will encourage them to also disclose using the portal, which will mean that you have the documents from both sides all in one place.
If you want to see how that will look then have a look at our video here: