Disclosure is a key factor in any separation where a complete financial statement must be prepared. The financial statement is a prescribed form that must be completed whether the goal is a negotiated settlement or court application.
The process of separation and divorce will be speedier and less expensive if a full financial statement with supporting documents is prepared at the start of an action. Full financial disclosure also enhances your credibility and results in fewer questions throughout the process.
Your disclosure will include such information as:
- Your current income
- Attachments of income tax returns and notices of assessments for the past three years
- Bank account numbers and records
- Credit card numbers and statements
- Details of life insurance policies
- Receipts for expenses
You may also be required to obtain real estate valuations for all properties.
If you run a business, it is likely that business financial statements, bank and credit card statements, general ledgers, and other documents will need to be produced. It may be beneficial to hire a professional business valuator to assess the value of your business. If your partner owns a business, a business valuator hired on your behalf may be helpful to test the value placed on a business by your partner’s business valuator.
In most situations, the assets and debts at the date of marriage, the date of separation (referred to as the valuation date), and the date of the statement must be shown. Normally, all available statements and records to support these figures are attached to the financial statement when it is prepared
You should start collecting these documents now. Andrea Van De Velde, our law clerk, can provide assistance on how best to do this while Jacqueline will provide a thorough review before your financial statement is finalized.