Balance sheet

The court's form page says the balance sheet is not a prescribed form, but you may be directed to prepare one. Developing and finalising a balance sheet is one of the court's case management powers in financial or property proceedings (r 1.06, Table 1.1 of the Federal Circuit and Family Court of Australia (Family Law) Rules 2021). The Standard Trial Directions in the court's Central Practice Direction require the applicant to serve a joint draft balance sheet no later than 28 days before trial, the respondent to add their values within 7 days, controversies to be footnoted, and a final settled joint balance sheet to be filed no later than 7 days before trial. A draft balance sheet also goes into each party's case outline for trial.

When you need it

• The court has directed the parties to prepare a joint balance sheet before a conciliation conference or trial.
• You are preparing for negotiations and want a clear side-by-side list of the property pool.
• Your case outline for a property trial needs a draft balance sheet.

1. 1

   Heading

   Enter the party name, file number, the date and time of the court event and the judicial officer it is before.

2. 2

   Assets

   For each asset give who owns it, a description, and the applicant's and respondent's values in their own columns. Total each column.

3. 3

   Liabilities

   List each debt the same way, with totals.

4. 4

   Superannuation and financial resources

   For super, give the member, fund name, type of interest and each side's value. List financial resources such as expected entitlements separately.

5. 5

   Notes on disputed items

   Under each disputed item number, explain why it should not be included, whether expert evidence or a single expert is needed, what documents are still needed from the other party, and any other comment.

• The form notes it can be exchanged electronically between the parties before it is filed.
• Where the Standard Trial Directions apply, the applicant serves the joint draft at least 28 days before trial and the final settled version is filed at least 7 days before trial.
• Follow the dates in any orders made in your case, which override the general directions.

• Only enter values in your own column; the other column is for the other party, as the court's page explains.
• Use current values and give the other side evidence for values only you can access, such as statements for accounts in your sole name.
• Mark an asset N.K. (not known) where you do not know its value; it shows where disclosure or a valuation is needed.
• Value household contents at realistic resale value, not purchase price.