Full disclosure: income, assets & liabilities
The financial aspect of ending your marriage is a multifaceted exercise. We start by looking at the big picture to determine how your settlement will evolve.
It’s important to identify all sources of income, assets, and liabilities to calculate appropriate amounts of child support, spousal support, and establish equitable division of your matrimonial property.
Special care must be taken to ensure negotiations are free from “informational exploitation”. You and your ex-spouse have a duty and obligation to make full and honest disclosure of all relevant financial information. Concealing or misrepresenting assets is not acceptable.
Ideally, you’ll each voluntarily exchange all relevant information. This saves time, money and resources, and facilitates settling amounts and dividing property in a positive manner.
In the event your ex-spouse fails to cooperate, we file and personally serve a “Notice to Disclose” in the Court of Queen’s Bench of Alberta or a “Request for Financial Information” in Provincial Court.
Upon being served, your ex-spouse has 30 days to provide their complete financial disclosure. If this information is not provided, the Judge may assign income or award costs against them. They may also be subject to a Court Order compelling the production of these records.
Information exchanged commonly includes:
- A sworn, itemized list of your income, assets, and liabilities signed before a Commissioner for Oaths, Notary Public or Justice of the Peace (normally commissioned by a lawyer or legal assistant).
Income & assets
- copies of your last 3 income tax returns
- copies of your last 3 Notices of Assessment and Reassessment from Canada Customs and Revenue Agency
- if you are an employee, copies of your 3 most recent pay stubs
- copies of statements from employment insurance, social assistance, pension(s), workers compensation, disability insurance or any other source of income showing the total income from that source for the current year
- if you are self-employed in an unincorporated business, copies of every cheque issued to you during the last 6 weeks, and financial statements for the last 3 years
- if you are a partner in a partnership, confirmation of your income and draws from the partnership for the last 3 years
- if you own your own corporation, copies of financial statements for the last 3 years
- for all bank accounts held solely or jointly in your name, copies of the last 6 months of all bank statements and cancelled cheques
- copies of the most recent statements for all RRSPs, pensions, term deposits, GICs, stock accounts and any other investments in your name or in which you have an interest
- verification of both foreign and domestically owned property
- a list of exemptions claimed (assets you claim are not matrimonial property)
Expenses & liabilities
- a detailed list of any special or extraordinary expenses for your children where child support is an issue (child care costs, health and dental care premiums (Blue Cross), uninsured medical or dental expenses, educational expenses and expenses for extra-curricular activities)
- your monthly budget of expenses where spousal support is an issue
- for all credit cards held solely or jointly in your name, copies of the last 6 months of all statements
- secured debts (mortgages, lines of credit, car loans)
- unsecured debts (personal loans, credit cards)
- other (car lease payment)