What is Financial Disclosure?
Are contemplating a separation or divorce? One of the most important procedural steps you can anticipate is the exchange of full and frank financial disclosure. Family law legislation requires both parties to have sworn financial statements including supporting documentation. The forms needed for this process depend on whether the resolution of issues includes both property and support considerations, or just support.
What Forms Do You Need?
Once you have selected the correct Form, the documents to be provided in support of the information contained in the Form are, three years of your most recent income tax returns, three years of your Notices of Assessment and, if applicable, a copy of your most recent pay stub. Further review with your lawyer will determine if additional documentation required, for example, bank statements showing some debts owing at the date of marriage and the time of separation.
Why Financial Disclosure is Right For You
In addition to complying with the prevailing legislation, a good reason for providing full financial disclosure is the assurance that your separation agreement, based on that declaration. Will be a legally binding contract. One of the two primary reasons that separation agreements are set aside if challenged in a court is incomplete financial disclosure by a party; the other is lack of independent legal advice for an individual signing the agreement. You don’t want questions about the enforceability of you agreement raised later based on incomplete financial disclosure. Keep in mind if you do not enclose the correct information it may not be possible for your lawyer to advise you based on inadequate financial disclosure.
Making The Right Choice
At Galbraith Family Law, all of the lawyers are supported by experienced law clerks to assist clients in assembling and providing the correct and necessary financial information required to meet their financial disclosure requirements, while at the same time, doing so in a cost-effective manner. We understand that you may have questions regarding whether bonuses paid in addition to salary should be included in income reported, or whether corporate income, as opposed to personal income, should be added. Questions relating to what constitutes income in the resolution of family law matters are best discussed with a lawyer, and we’re here to help.