The short answer is yes. It can totally nullify it. The Family Law Act allows the Courts to set aside (in other words, not enforce) any separation agreement that does not include full and complete financial disclosures. That’s bad news because you will have wasted time and money on drawing up a separation agreement that is not legally binding, and you’ll be back to the drawing board. Hopefully, you’re getting the idea that your financial disclosure is the lynchpin of your separation agreement.

Put bluntly, it’s down to each spouse to treat the financial disclosure process with the respect it deserves. And it requires an unerring focus on three key features:

• Accuracy
• Honesty
• Timeliness

Honour all three and you’ll be paving the way for a much smoother divorce  process. A more open and amicable settlement that can be reached outside the family court. It usually leads to a longer-lasting agreement too. But fail with any one, deliberately or otherwise, and the consequences could be costly. Mistrust will prevail, and there are likely to be future repercussions. The simple fact is the truth will out in the end. So you might as well tell the truth in the beginning.