Financial disclosure requires both spouses to provide complete documentation of all assets, debts, and income during divorce proceedings.
Financial disclosure is a mandatory legal process where divorcing couples must provide a comprehensive overview of their financial situation. This transparent exchange of information ensures fair division of matrimonial property and appropriate support arrangements.
A complete financial disclosure typically includes:
- Income sources – employment earnings, business income, investments, and benefits
- Assets – real estate, vehicles, bank accounts, RRSPs, and pension plans
- Debts and liabilities – mortgages, loans, credit cards, and other obligations
- Monthly expenses – household costs, insurance, childcare, and regular payments
- Tax documents – recent tax returns and assessments
Failing to provide accurate and complete financial disclosure can result in legal consequences and may invalidate any divorce settlement agreements.