The Importance of Financial Disclosure
Financial Disclosure & Separation Agreements in Ontario
If you and your spouse are separating and are seeking to resolve related issues, you might already have guessed that virtually everything (with the exception of child custody and access) will centre on money. Therefore, it is essential for all aspects of the separation process that each party has an accurate picture of the other’s finances, and in turn discloses their own finances.
In order to equalize net family property for married couples, both sides will have to show the value of all assets and liabilities at the date of separation, and the value of all assets and liabilities at the date of marriage. Therefore, it is essential that each spouse provide complete financial records for these two dates. Spouses must also provide documentation for any asset they think should be excluded from their date of separation assets, such as gifts or inheritances.
Child support is determined solely based on the payor’s income and number of children; here, financial disclosure as to annual income is essential. Any spousal support obligations will also be based on income.
If you are applying to the court to resolve your matter, the court will require detailed, accurate financial disclosure and you will have to swear to the accuracy of your financial statements. But even if you are hoping to settle your matter outside of court, you need to provide accurate and complete information.
You have an obligation to provide full financial disclosure to your spouse or your spouse’s lawyer upon request. In addition, if you negotiate a separation agreement with your spouse, but that agreement does not reflect your true financial situation, then your spouse can later apply to court to have your agreement set aside as a result of your non-disclosure.
Do not provide incomplete information and assume your spouse won’t find out about other assets or income sources. The money you are hoping to save could potentially be spent threefold on legal fees later, or on retroactive payments. If your matter is before the court, you may also end up with a costs award against you.
An Ontario Separation Lawyer Can Help
It is not always clear to parties what exactly should be counted as an asset, how to accurately determine income, and what merits disclosure. If you have concerns in this area, a family law lawyer is your best resource, as are third party professionals who can help you determine the value of various assets, such as a business, stock options, or a home.
Often, parties provide inaccurate or incomplete financial disclosure unintentionally; but, whether intentional or not, such inaccurate information will prolong and complicate your family law matter. The accurate and quick resolution of your issues depends on the accuracy of the financial information you give at the outset.
Put a skilled team of lawyers on your side when it comes to separation and financial disclosure. Call Feldstein Family Law Group P.C. at (905) 581-7222 today.
Meet Our Dedicated Team of Lawyers
Over a Century of Collective Experience
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Andrew Feldstein FounderRead BioAndrew Feldstein graduated from Osgoode Hall Law School in 1992. Prior to focusing exclusively on family law, Andrew’s legal practice covered many different areas, including corporate commercial. One of Andrew’s fundamental objectives is to achieve those goals mutually and collaboratively, as set out by him and his client.
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Daphna Schwartz LawyerRead Bio
Daphna Schwartz joined Feldstein Family Law Group, P.C. in 2007 as an associate lawyer. She was previously practising family law in the Barrie area. Her practice includes all areas of divorce and family law, including custody and access, child support, spousal support, and property issues. Daphna is also qualified to practise Collaborative Family Law.
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Anna Troitschanski LawyerRead Bio
Anna Troitschanski joined the team at Feldstein Family Law Group, P.C. in 2012. Prior to that, she practised Family Law at a boutique Newmarket firm. Her experience covers all areas of divorce and family law, including custody and access, child support, spousal support, and division of property.
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Nick Slinko LawyerRead Bio
Nick Slinko attended York University from 2003 until 2007 where he majored in both Law & Society and Philosophy. Nick graduated in 2007 with an Honours Bachelor of Arts degree. He proceeded to earn a Juris Doctor in Law at the University of Western Ontario in 2011. Nick was Called to the Bar in June of 2012 after completing his Articling term with the Feldstein Family Law Group, P.C. He became an associate with the firm immediately thereafter.
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Veronica Yeung LawyerRead Bio
Veronica Yeung joined the Feldstein Family Law Group, P.C. as a summer student in 2014 and returned as an articling student in 2015. Following her call to the Ontario Bar in June 2016, Veronica was welcomed to the team as an associate lawyer.
Veronica attended York University for her undergraduate studies and graduated as a member of the Dean’s Honour Roll when she obtained her Bachelor’s degree in Honours Criminology.
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Shana Gordon-Katz LawyerRead Bio
Shana joined Feldstein Family Law Group P.C. as an articling student in 2017. Following her call to the Ontario Bar in June 2018, Shana was welcomed back to the firm as an associate. While completing her articles, Shana assisted with legal matters covering all areas of family law.
Shana attended the University of Western Ontario for her undergraduate studies, where she graduated as the gold medalist of her program, Honors Specialization in Classical Studies.
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Rachel Zweig LawyerRead Bio
Rachel joined Feldstein Family Law Group P.C as a Summer Student in 2019 and returned as an Articling Student in 2020-2021. Following her Call to the Ontario Bar in April 2021, Rachel was welcomed back to the firm as an Associate.
Prior to completing her legal studies and obtaining her Juris Doctor at the University of Ottawa, Rachel obtained her Bachelor’s Degree at Ryerson University with a major in English Literature.
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Lauren Harvey Associate LawyerRead Bio
Lauren joined Feldstein Family Law Group as a Summer Student in 2020 and returned as an Articling Student in 2021-2022. Following her Call to the Ontario Bar in April 2022, Lauren was welcomed back to the firm as an Associate.
Prior to completing her legal studies and obtaining her Juris Doctor at the University of Western Ontario, Lauren obtained her Honour’s Bachelor of Arts Degree at Wilfrid Laurier University majoring in Criminology and minoring in Law and Society.
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Quinn Held Associate LawyerRead Bio
Quinn spent two years as a Summer Student and then completed her Articling term at a boutique Family Law firm in Orangeville, where she was exposed to various complex Family Law matters. Following her Call to the Bar of Ontario in June 2022, she became an Associate with the Feldstein Family Law Group.
Prior to obtaining her Juris Doctor from the University of Windsor, Quinn obtained her Honour’s Bachelor of Arts Degree at the University of Guelph majoring in Criminal Justice and Public Policy and minoring in International Development.
