After separation and upon request, spouses must fully disclose their current financial information with supporting documentation to each other pursuant to the standard notice to disclose.
Failure by a party to fully disclose can result in:
- the court imputing income to the party; or
- the court ordering the party to provide disclosure by a certain date, with possible fines and costs if they don’t comply.
MANDATORY FINANCIAL DISCLOSURE
Includes the following:
- Last three years of personal income tax returns
- Last three years of notices of assessment and re-assessment
- Last three years of all business financial statements in which a party has more than a !% interest
- Last six months of bank account statements
- Last six months of credit card statements
- A sworn statement of income, assets and liabilities
- Similar disclosure related to a family trust
Family law Services
Helpful Financial Disclosure Links and Resources
The Notice to Disclose Application is frequently used in family law to request financial disclosure. This provides your lawyer the opportunity to gain a deeper understanding of both you and your former spouse or adult interdependent partners overall finances to assist in negotiating child and spousal support and property equalization. Once a Notice to Disclose Application, both parties have an ongoing obligation to provide up to date and current financial disclosure until a resolution is reached.
The Schedule A forms part of the parties standard financial disclosure obligations and is provided in the Notice to Disclose Application. This document summarizes a party’s assets and liabilities. As it must be sworn before a Commissioner for Oath in and for the Province of Alberta, it is used in an effort to ensure party’s are forthcoming and transparent when providing their financial disclosure.
A budget is typically requested in the standard Notice to Disclose Application. The attached template provides a comprehensive summary of income and expenses. Often, budgets are used to gain a deeper understanding of each party’s current monthly surplus/deficit to assist with child and spousal support applications.
We are excited to share the benefits of our partnership with Zelos Capital Ltd. with our clients, such as free, fully customized cash flow forecasts from Zelos Capital Ltd. to assist clients with their financial planning needs. Family Law Solutions clients are also eligible to receive investment consultations and portfolio reviews, with no additional charge.