Financial Disclosure Preparation
Accurate financial disclosure is legally required. Both parties are obligated to provide a comprehensive overview of their financial standing.
This helps in crafting fair and equitable settlements both in mediation and in litigation.
Assets
Assets are items of value that a person or a couple owns. They can include both tangible and intangible possessions.
- Real Property
- Personal Property
- Financial Assest
- Busines Interests
- Intellectual Property
Liabilites
Liabilities are debts and financial obligations that a person or a couple owes.
- Mortgages and Home Loans
- Car Loans
- Credit Card Debt
- Student Loans
- Business Debts
Net Family Property Statements
A Net Family Property Statement (NFP) is a legal document used in family law that follow the principals of equalization of family property. The NFP is a crucial component in determining the division of property between spouses.
- Calculating each spouse's net worth as of the date of marriage and date of separation (valuation date).
What is included in a Financial Statement?
Income
- Proof of year to date income from all income sources.
- The last 3 years of Income Tax Returns inclusive of full schedules.
- The last 3 years of Notice of Assessments and or Reassessments.
- T3, T4, T4E, T5, T2200, RC62, RC210, RRSP slips
Copies of all documents will be attached to your financial statement.
Expenses
In this section the amounts will differ if you and your spouse are still cohaibitating and or you are living seperate and apart.
- Automatic deductions from your income
- Housing
- Utilities
- Household expenses
- Transportation
- Health (Insurance)
- Personal expenses
- Childcare Costs
- Other expenses
Copies of all documents will be attached to your financial statement.
If you are cohibitating and or have other income earners in the home who contribute to the above mentioned expenses will be noted in this section.
Assets
Marriage marks the start of the spouses' legal entitlement to shared family property. Ensuring to have proof of all assets for DOM is crutial.
- Land (Real Estate)
- General Household items and vehicles
- Bank Accounts, Savings, Securities and Pensions
Copies of all documents will be attached to your financial statement.
Debts & Other Liabilities
- Mortgage
- Loans
- Credit Cards
- Income Tax Owing
- Notational Tax
Copies of all documents will be attached to your financial statement.
Be Prepared
In complex financial situations, having a knowledgeable professional on your side can contribute significantly to a positive outcome in family court proceedings.