Why Financial Disclosure is Essential When Preparing a Domestic Contract

Why Financial Disclosure is Essential When Preparing a Domestic Contract

If you are looking to come to an agreement on issues such as spousal support, child support, or the division of property, even if the case is not in court, you need to have a financial statement. This is a document outlining your financial information, including assets, debts, expenses and income. It is important that both you and your partner share this information honestly and completely.

If you are not in court, you can create this document on your own using an online spreadsheet or a handwritten document. You can also obtain a financial statement form from the courthouse or online. These forms are often a good choice as they outline precisely what the court will be looking at when determining whether the financial disclosure provided was sufficent.

If your case is in court, you will be required to use a court-issued financial statement form. There are different forms to select, depending on what it is that you are seeking. Regardless of which form you’re using, all financial statements must be sworn or affirmed.

How to Complete a Financial Statement Form

Select the Correct Form

There are two different financial statement forms. Be sure to select the one that applies to your situation.

  • Form 13: Financial Statement (Support Claims) is used if you or your partner are seeking support, whether child, spousal or both. It is not to be used when you are also looking to divide property and debt.
  • Form 13.1: Financial Statement (Property and Support Claims) is used if you or your partner are needing to divide property and debts. It can also be used if you are asking for support along with the property.

Why Financial Disclosure is Essential When Preparing a Domestic Contract

These forms can be obtained from a courthouse or online and are available in both English and French.

In some instances, you may not be required to fill out a financial statement. These include:

  • You and your partner are looking to change support and have agreed that you do not need to file financial statements.
  • Your case does not involve any claims for property division or support.

Fill in Your Form

Be sure to read the instructions located on page one of the form carefully.

  • Form 13: You will be required to provide information about your income, expenses, any money you are owed, debts, and property, including cars, land, jewelry and bank accounts.
  • Form 13.1: You will need to provide the value of any assets or debts on three different dates. These are the date of your marriage, the date of your separation, and the current date.

Obtain Supporting Documents

Be sure to include copies of any document that supports the information you provided in your statement. These can include:

  • Proof of income
  • Bank, line of credit and credit card statements
  • Mortgage documents

  • Income tax returns
  • Statements of debts
  • Business interest statements

If your form includes property, it can be harder to determine the value. If you and your partner don’t agree on the value of an item, you can have a professional appraise the asset.

Updating Your Financial Statement

If you file or serve papers at any stage of the court process or your financial statement is over 30 days old, you will be required to update it with one of two forms.

  • A new Form 13 or Form 13.1 if your financial situation has changed significantly.
  • A Form 14A: Affidavit if there are no changes or only minor changes from the last financial statement you filed. You will be required to include the details of all changes.

Additionally, you will be required to update your financial statement if there is a change in your circumstances, such as a new job that pays considerably more or less than what was previously listed.

Contact the Legal Team at Kira E. Taylor Law

Going through a separation is a trying time on its own without having to navigate the paperwork involved. Our team of legal professionals is here to support you through every step and help you make sense of it. If you have questions or wish to book an appointment, please contact our office at 905-709-6892.