Financial Disclosure is the most important part in any family law dispute. Family Law Act requires both parties to complete their financial disclosures stating their incomes, expenses, assets, debts and liabilities. The financial disclosures can be done by completing Financial Statement under the Ontario Family Law Act and Family Law Rules.

What is Financial Statement?

Financial statement is a court form where partied provide all financial information along with the associated documents. There are two court forms- Form 13 and Form 13.1. It is important to know which form is required.

Form 13 is required if a claim is made for support only, ie., child support, spousal support or both. Form 13.1 is required to be completed if there is a claim for support and property claim or for exclusive possession of the matrimonial home.

Financial statement is required to be affirmed or sworn.

Both parties are required to attach the following documents with their Financial Statement:

1. Income tax returns, with all schedules and attachments, and Notices of Assessment for the three most recent years;
2. Most recent pay stub;
3. Record of Employment it the party has recently lost his/her job;
4. If a party is self-employed, the party is required to provide three years of their business financial statement. The party is also required to provide the value of the business;
5. If the party is on Employment insurance, Ontario Works, Ontario Disability Support Program or Workplace Safety and Insurance Board Benefits, Canada Pension Plan or a private pension plan, a statements showing the benefits paid and being paid;
6. The Municipal Property Assessment Corporation assessment for all real estate owned by the party.

Documents required as of the date of separation and if available the date of marriage:

1. A mortgage statement for any real property;
2. Copies of all bank, RRSP, and investment account statements;
3. Statements for Lines of Credit, Credit cards, car loans, personal loans, whether joint or sole.

The above list could be more depending on the complexity of the party’s financial situation.

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