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416 967 6111

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20 Eglinton W. #1305
Toronto ON, M4R 1K8

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Defining Full Financial Disclosure

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During the divorce proceedings, full and complete financial disclosure is required in order to come to a fair settlement, Therefore the ‘disclosure’ of this financial information is vitally important to ensure ‘fair play’. It also makes it more difficult for a party to set aside a signed agreement containing settlement terms.

In addition, if your family law lawyer does not know the financial position of both spouses, then he or she cannot advise as to whether an agreement is fair and reasonable.

Full financial disclosure typically consists of a sworn financial statement along with a document brief containing back up documents supporting the information outlined in the sworn financial statement. A family law lawyer can assist you in completing the financial statement and in putting your disclosure brief together.

The purpose of this information is to identify your income, budget, assets and liabilities on the dates important to your case (usually the date of marriage and date of separation).
Here is a list of documents you should be gathering in preparing to provide full financial disclosure

  • Your income tax returns for the past 3 years.
  • Your notices of assessment for the past 3 years.
  • A recent mortgage statement of your property or properties.
  • A valuation or opinion of value for any residences you own.
  • Bank and credit card statements for all accounts in your name.
  • Life insurance/Endowment surrender value quotations.
  • If you are self-employed or you own a business, additional corporate disclosure will be required including corporate tax returns, corporate financial statements and potentially, corporate ledgers, minute books and bank statements.

To determine how to satisfy your legal obligation to provide full and complete financial disclosure, or to understand more about what full and complete financial disclosure means, speak with us at (416) 961-6111 x 31 .

About the Author

Cheryl Goldhart and the team of lawyers at Goldhart & Associates work exclusively in the area of family law. They have the experience and dedication to assist clients achieve their objectives.

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