Financial disclosure is one of the most important steps in any Ontario family law matter involving support, property division, or equalization. Whether you are going through a separation or divorce, both parties have a legal obligation to provide complete and honest disclosure of their financial circumstances. Without proper disclosure, it becomes nearly impossible to resolve issues fairly. Delays, increased legal costs, or court sanctions can then follow.

Why Financial Disclosure Matters

Complete financial disclosure is the foundation of fairness in family law. Decisions about child support, spousal support, and division of property depend on accurate information about each person’s income, assets, and debts. Full disclosure ensures:

  • Fair calculation of child and spousal support
  • Accurate division of property and equalization of net family property
  • Transparency for both parties
  • Faster, more cost-effective resolution
  • Avoidance of negative consequences, including court penalties or adverse inferences

Ontario courts repeatedly state that disclosure is not optional, it is a right owed to each party and a requirement of the Family Law Rules.

What Is a Financial Statement?

In Ontario, a Financial Statement is a court form that outlines a person’s financial situation. The form you complete depends on the issues in your case:

  • Form 13 – For cases where only support (child support and/or spousal support) is being addressed.
  • Form 13.1 – For cases involving property division or equalization in addition to support.

A Financial Statement provides a detailed snapshot of your:

  • Income and employment details
  • Monthly expenses
  • Bank accounts, investments, pensions
  • Real estate
  • Vehicles and valuables
  • Debts and liabilities
  • Assets owned on the date of marriage, date of separation, and today

This allows lawyers and the court to determine support and equalization rights accurately.

Supporting Documents Required for Disclosure

Completing the form is only part of the process. You must attach documents that verify the information in the Financial Statement, such as:

  • Income tax returns and Notices of Assessment (usually for the last three years)
  • Recent pay stubs
  • Corporate financials if you own a business
  • Bank and credit card statements
  • Mortgage statements
  • Loan or line of credit statements
  • Property appraisals, if applicable
  • Pension valuation documents
  • Investment statements
  • Proof of debts

Providing complete and organized documents early in the process helps avoid unnecessary conflict and speeds up settlement discussions.

The Duty to Update Disclosure

Disclosure is not a “one-time” task. Under the Family Law Rules, parties must keep their disclosure up to date. If your financial situation changes, such as a new job, reduced income, new debt, or sale of a property, you may need to update your Financial Statement and provide new documents.

Failing to update disclosure can hurt your credibility and your case.

What Happens if Someone Refuses to Provide Disclosure?

Courts take disclosure very seriously. If a party does not provide proper disclosure, the court may:

  • Order them to provide the missing documents
  • Suspend their case until disclosure is complete
  • Order them to pay costs
  • Make negative findings (adverse inferences) about their credibility
  • In serious cases, strike pleadings or make support/equalization orders based on available information

Delayed or incomplete disclosure often increases legal costs for both sides and can prolong the case significantly.

Tips for Completing Your Financial Disclosure

  • Start early. Gathering documents takes time.
  • Be honest and thorough. Full disclosure protects your rights.
  • Stay organized. Label documents clearly.
  • Update regularly. Keep lawyers and the other party informed of changes.
  • Ask questions. If you are unsure how to value an asset or what to include, get legal advice.

Need Help with Your Financial Statement?

Completing financial disclosure can be overwhelming, especially during the stress of separation. Our firm assists clients with every step of the process, from preparing their Financial Statement to ensuring all required documents are complete and accurate.

If you need guidance with financial disclosure, contact us to book a consultation. We’re here to help you move forward with clarity and confidence.