Financial Disclosure | Property Division | Support
Financial transparency plays a role, in family law cases during family mediation.
Financial transparency entails the sharing of records between both parties involved in a dispute. Whether you are addressing matters related to child support spousal support or property division, ensuring full financial disclosure is crucial for achieving an equitable resolution. Here’s what you should be aware of:
In accordance with the Ontario Family Law Act there exists a responsibility to disclose financial information. Each party involved in a family law matter is obligated to provide complete financial details to the other party where support or property division issues are involved. This disclosure is essential for settling family law issues, whether you’re opting for mediation, negotiation or court proceedings.
As part of the financial disclosure process we assist you in completing a financial statement where you will detail information such, as income, expenses, assets and liabilities. Alongside the financial statement form it is essential to submit supporting documents that substantiate the information provided in the Financial Statement.
Here are some of the supporting documents you might need to provide;
- Proof of income, from all sources
- Pay Slips
- Copies of tax returns including assessments and schedules
- Bank statements
- Credit card statements
- Mortgage paperwork
- Line of credit statements
- Information about money owed to you
- Details about business interests
- Property assessment notices
- Copies of bank accounts RRSPs and investment accounts
Remember that the specific documents required can differ based on your family’s situation.
For assets like homes, businesses, cars, art and collectibles, a third party may need to determine their value. We can refer you to these valuators to simplify the disclosure process.
Remember that failing to disclose information can lead to serious consequences, such, as invalidating your agreement.
It’s common for parties to waive the requirement for disclosure. If this happens it’s
important to seek independent legal advice regarding the risks associated with non-disclosure.
