Transcript
Liabilities are things you owe — usually money or legal obligations that must be paid in the future.
They can be in your name, jointly held by you and your former partner or even in a business you own.
In Australian family law, both parties must fully disclose all debts, both individually and jointly held.
It also includes any contingent liabilities. A contingent liability is one that may be due if a particular event happens. A guarantee for a business loan is a good example.
Here are some more examples of liabilities you and your former partner may have.
The mortgage on your home, credit cards, car loans, personal loans, investment loans, tax debts, buy-now-pay-later balances and even unpaid bills.
For businesses you may be involved in, some example liabilities can include business loans, money owed to suppliers, employee wages owed, GST or tax payable or even lease obligations.
Start by listing all your liabilities and then slowly work through gathering all the values and supporting documentation.
We've added a selection of common liabilities that you can quickly add to save time.
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