Financial Disclosure

[Please be advised that the information provided is not to be constituted as legal advice]

Rule 13 of the Family Law Rules (Rules) contains numerous provisions designed to ensure that parties to a family law proceeding provide comprehensive disclosure early in a proceeding and that they update it regularly.

It is your obligation to prove the value of any asset he or she owns.

You will usually be asked to provide proof of the values shown on their financial statement.

Ideally, as much disclosure as possible should be delivered along with your initial financial statement. Delivering a comprehensive disclosure brief with the first financial statement can facilitate meaningful negotiations by showing the opposing party that care has been taken in filling out the financial statement in a thorough and candid manner.

Your disclosure obligation does not end with the initial financial statement, you must continue to collect all relevant financial documents relating to income, expenses, assets, and liabilities until the family law proceeding is settled.