The One Thing You Must Always Have Before You Ever Settle Your Family Law Issues With Your Ex-Spouse in Ontario!

The One Thing You Must Always Have Before You Ever Settle Your Family Law Issues With Your Ex-Spouse in Ontario!

Don’t even think about settling your family law issues in your separation or divorce without first getting full financial disclosure from your former spouse.

I know you really want to settle your separation and divorce legal issues so that you can move with your life.

But you can’t be in such a hurry that you don’t do what’s required to get a fair and reasonable settlement for yourself.

Hi, my name is Thomas O’Malley.  I’m an experienced family lawyer in Durham Region and the GTA.

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What you have to get is full financial disclosure from your former spouse before you ever sign on the dotted line to settle your family law issues with a separation agreement or court settlement.

Why do you need full financial disclosure?  You must get full financial disclosure from your former spouse so that you know what is the right amount of child support and spousal support you are entitled to get or have to pay in your case.

You cannot figure out these support issues without knowing your spouse’s annual income with proof of that amount.  You need to get your spouse’s last three years’ Notices of Assessment and a recent paystub showing their year-to-date income.

Your spouse must also provide with you with a detailed Financial Statement.  The Financial Statement is necessary to determine or figure out the property issues in your case.

This document has four main sections.  The first section sets out your spouse’s annual income shown as a gross monthly amount.  The next section shows their monthly expenses.

The third section of the Financial Statement shows their list of assets and property that they own on the valuation date.  The valuation date is the fancy term for your date of separation.  Your spouse must put down the value of each asset that they own for the date of separation.

These assets usually include bank account amounts, real estate, such as a home and cottage, their vehicles, RRSPs and other investments.

Your spouse must list their debts that they owe on the date of separation in the fourth section.  These debts usually include mortgage and lines of credit amounts, car loan, and credit card debts. 

Your spouse must provide proof of the value of their assets and the amounts of their debts.

Of course, you must provide the same detailed financial disclosure to your spouse.

When you get full financial disclosure from your spouse, your family lawyer will then be in a position to advise you on a fair and reasonable settlement dealing with the financial issues in your case, including child and spousal support, and the property issues.

If you have any questions about your separation, divorce or family law case and you would like our help, feel free to contact on my Facebook law office page, that’s O’Malley Family Law, or call me at 905-434-8837 and I’ll point in you in the right direction. 

Click here to join my free Facebook GTA and Durham Region separation and divorce support group: GTA and Durham Region Separation and Divorce Support Group

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