Court Says Spouses’ Financial Statement “Reads Like a Fairy Tale” | Family Lawyers
In Family litigation, preparing financial statements is an often onerous task that few people could realistically enjoy. But once completed, the preparation and exchange of financial statements usually goes a long way toward helping resolve the financial dispute between former spouses.
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‘Court Says that Spouses’ Financial Statement Reads Like a Fairy Tale’
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In Family litigation, preparing financial statements is often an onerous task
00:32
that only a few people could realistically enjoy.
00:36
But once completed, the preparation and exchange of financial documents
00:41
usually goes a long way towards helping resolve financial disputes between former spouses.
00:48
In Ontario, under the Family Law Rules it’s part of the mandatory disclosure process:
00:55
Rule 13 provides that each spouse must provide the court and serve each other
01:00
with sworn financial statements, using one of several court-prescribed Forms
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(depending on the nature of the claim that you're making or responding to)
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Each spouse must list his or her income from all sources,
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detail all living expenses, and provide the value of property.
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He or she must also declare the value of all debts and liabilities at various points in time,
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including details on bank accounts, registered saving plans, credit card
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debts, pensions (to name a few.)
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For claims that relate specifically to support, the Rules include additional requirements:
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The spouse filling out the financial statement must include proof of both his or her
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current income, and income for the past 3 previous taxation years
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(as established through notices of assessment,
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and from the Canada Revenue Agency, and other proof of income).
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As we have recounted in past Blogs and videos, such as
02:11
“Financial Disclosure: A ‘Necessary Evil’ and Family Litigation”,
02:16
there is a legal obligation on spouses who engaged in Family litigation to make full and frank disclosure.
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This means that financial statements must be comprehensive,
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inclusive, and above all - accurate and reasonable.
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On this last point, an older Manitoba case in Cadigan
02:41
illustrated how spouses can go completely overboard with the figures
02:46
they include in their financial statements,
02:49
and how quirks are likely to respond to such embellishment.
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(Back to the case) The spouses, who were both dentists,
03:06
had been married 27 years when they decided to separate and divorce.