Financial disclosure is legally required for divorce in Ontario to ensure fair asset division

Attempting to divorce without completing financial disclosure is not possible under Ontario family law. This mandatory process requires both parties to provide complete documentation of their assets, debts, income, and expenses. The court uses this information to ensure a fair and equitable division of matrimonial property.

Skipping financial disclosure can have serious consequences:

• Courts may refuse to grant the divorce
• Settlement agreements could be overturned later
• Legal costs may increase significantly
• One spouse could face penalties for hiding assets
• Future claims could be made against undisclosed assets

Both parties must complete Form 13.1 (Financial Statement) and provide supporting documentation like tax returns, pay stubs, and bank statements to move forward with divorce proceedings.