10 Things to Look out for in a Financial Statement

Angela Princewill

March 14, 2016

The Financial Statement is the most important document in a Family Law matter that includes support claims, as well as claims for equalization & division of property

There are timelines within which the Financial Statement must be provided if the matter is being litigated and there are mandatory documents that must be disclosed.

Below is a list of 10 things to pay attention to when preparing or reviewing the other party’s Financial Statement.

1) Are you using the right form?

At first sight, they may appear to be the same, but Form 13 is different from Form 13.1 in the use and information captured. The former is for cases where only support is sought. The latter is required if there are property issues.

2) What valuation date is used?

This could significantly affect equalization payments.

3) Are notices of assessments and income tax returns for the last 3 years attached?

4) Have all sources of income been disclosed?

5) Are expenses stated accurately? Or reasonable under the circumstances?

6) Did you list only your share of jointly owned assets and debts?

7) Are values for assets owned on the date of marriage included with supporting documentation?

8) Have any assets been disposed of in the 2 years prior to separation? If yes, further investigation may be required.

9) Have all assets been listed?

10) Is the calculation of the net family property accurate?

If you need any help with family law matters, contact AP professional family lawyers in Scarborough, Pickering, Markham, and Toronto. You can call us at (905) 492-7662 or email us at [email protected] to schedule a consultation.