Financial Disclosure: Tips for Completing a Financial Statement

Financial disclosure is fundamental in family law.

Rule 13 of the Family Law Rules deals with financial disclosure and the Financial Statement in family law (either a Form 13 or a Form 13.1, depending on the circumstances). Generally, a Form 13.1 is used where there are both support and property claims. A Form 13 is used where there is only a support claim.

When filling out a Financial Statement, please keep the following in mind:

• Complete and accurate financial disclosure in your Financial Statement is necessary. Courts require this disclosure; furthermore, the disclosure simultaneously maximizes the possibility (if any) of a settlement.
• Do not simply estimate the value of all of your assets and debts on the relevant dates.
• Where appropriate, include notional costs of disposition, contingent tax liabilities, etc.
• Provide a documentary brief, including back-up documents, for the entries in your Financial Statement to the other side.

There are some instances where the parties do not need to serve and file Financial Statements. For instance, parties who claim spousal support under the Divorce Act do not need to serve and file Financial Statements or provide additional financial disclosure, if the parties file a consent agreeing not to serve and file Financial Statements (Rule 13(8)(a) of the Family Law Rules).

Contact our family lawyers at 905.707.3370, ext. 22 to learn more about Financial Statements and documentary disclosure.