Financial disclosure: building an assets-and-liabilities file
A useful financial file is not simply a list of totals. It shows what each figure represents, who owns or owes the item, when it was measured and where the supporting document can be found. The purpose is to make advice and verification possible, not to decide the legal division of the estate.
Make each figure traceable
A financial file should let you trace each figure back to a document and a date. Use a schedule with separate columns for description, ownership, estimated value, valuation date, associated debt, evidence and questions. Keep disputed classifications visible.
Give each item a reference that you can use in correspondence, such as Property 1 or Investment 2. Keep a separate document index. For a bank balance, note the statement date and currency; for a property, note the valuation date and source. Do not include account passwords or online banking credentials. An adviser needs evidence of a value, not unrestricted access to your accounts.
Distinguish ownership from payment
Include bank and investment accounts, immovable property, vehicles, business interests, loan accounts, retirement funds and material personal assets where relevant. Record liabilities with the creditor, current balance, repayment and any security or suretyship. Do not assume that a debt belongs in a particular estate simply because one person makes the monthly payment.
Consider a home valued at R2,400,000 with a R1,500,000 bond balance. Recording R900,000 as the asset and also subtracting the bond elsewhere would count the debt twice. Either show the property and associated debt separately, or explain that an equity figure is already net of that debt. The choice of presentation does not decide which estate the property belongs to or what either spouse is entitled to receive.
Use a consistent date
Use a consistent date where possible. A property valuation from one year and a bond balance from another can produce a misleading equity figure. Explain estimates and ask what updated valuations or statements are needed.
Do not describe a requested statement as a confirmed current balance. Mark it “awaited” and record any older figure separately. For a business interest, identify whether the number is a book value, an accountant’s estimate or an independent valuation. Those descriptions are not interchangeable. If exchange rates are involved, retain the original currency amount and the conversion source and date rather than silently changing the value.
Separate current and historical information
Keep current values separate from historical commencement values and excluded assets. If accrual may apply, retain the ANC and evidence supporting the initial estate and any claimed exclusions. A single net total hides questions that may be central to the legal analysis.
An antenuptial contract may raise questions about commencement values and exclusions. Keep the supporting historical records in their own section, linked to the current asset where relevant. Do not treat an inheritance description or a name on a title deed as a complete answer to the legal treatment. Record the facts and the documents, then identify the classification question for advice. Retirement interests should also remain distinguishable from immediately available cash.
Obtain and share documents lawfully
Store documents securely and obtain records lawfully. The first public enquiry should contain a brief description of the assistance needed, not a full financial archive. Ask the firm for the appropriate private transfer route after conflict screening.
Financial disclosure is not permission to enter another person’s email, cloud storage or bank account without authority. Preserve records you lawfully hold, including complete messages and attachments. Where information is missing, explain what is missing and how you know it exists. Obtain advice about the appropriate request or procedural route instead of trying to obtain access yourself. Use a private transfer arrangement for the actual file, not a public comment box.
Identify what remains to be established
Use the file to identify missing information and prepare questions. Do not treat completing a worksheet as confirmation that all required disclosure has been made. Formal disclosure duties and requests in proceedings need case-specific attention.
Finish with a short questions schedule: missing statement, disputed ownership, outdated valuation, unclear debt or possible duplicate. Keep the uncertainty attached to the item when comparing proposals. Update the schedule when information arrives and retain the version used for each important discussion. Do not quietly replace the figures in an earlier proposal and then assume everyone was considering the revised version.
Related guides
Official information
Request a consultation
Contact the Family Law Department at Spence Attorneys. Keep the first enquiry brief and identify a safe way to contact you. Fees, scope and appointment arrangements are agreed before confirmation.
The button opens an email to natalie@spencelaw.co.za. It does not send automatically. Do not attach identity documents, children’s full details or financial records before conflict screening and an agreed private transfer arrangement.
General information, not advice on an individual matter. An enquiry is not an accepted instruction or confirmed appointment and does not protect a court deadline. This is not an emergency service.
Comments