When couples are going through a divorce, or separation, in Calgary, it is imperative that they provide one another with full financial disclosure. This is the case if they have lawyers, if they are using mediators, if they intend to use to Court to determine financial issues, or if they simply wish to negotiate between themselves.
Without full financial disclosure, there is a real danger that the parties will not divide their assets, or resolve issues such as child support and spousal support, properly.
Financial disclosure is required to enable the parties to deal with the division of property, child support and spousal support and, to ensure that negotiations are able to progress as efficiently as possible, financial disclosure should be provided as soon as possible.
As a divorce lawyer and family lawyer in Calgary, I am frequently asked by clients what their financial disclosure requirements are. In most situations, the answer to this is that the parties should provide to one another the following:
Their tax returns for the last 3 years;
Their notices of assessment for the last 3 years;
Their last 3 paystubs;
Details of any income they receive from pensions, EI, social assistance, workers' compensation, disability payments and dividends throughout the year;
If they are a student, details of any student funding they received throughout the year;
If they are self employed, or own a corporation, their financial statements for the last 3 years;
Details of any trust to which they are a beneficiary for the last 3 years;
Copies of all statements for any bank accounts held for the last 6 months;
Copies of all statements for any credit cards held for the last 6 months;
A sworn statutory declaration of their income, assets and liabilities; and
Copies of the most recent statements available for any pensions, RRSPs, and investments in which they hold an interest.
If child support is an issue, they are also required to provide details of any section 7 expenses they have incurred and to which they are seeking a contribution from the other party.
If spousal support is an issue, they are also required to provide a budget of monthly expenses.
Clearly, if their financial situation is more complicated, or if there are other reasons why additional documents are required, these should be provided to. Initially, the above listed documents are provided and the parties, and their lawyers, will then decide what further documentation, or information, is required.
If you have any questions regarding the above, please do not hesitate to call me on 403-538-2105, or contact me via email using the link here.