What Income Disclosure is Required To Figure Out Child Support in Your Separation or Divorce in Ontario?
I’ll bet you anything that you find the issue of what financial information is needed to figure out how much child support should be paid in your separation or divorce a little bit confusing!
I am going to discuss this important issue in this video.
Hi, my name is Thomas O’Malley. I’m an experienced family lawyer in Durham Region and the GTA.
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First, you have to realize that there are two types of income disclosure obligations: initial and ongoing income or financial disclosure.
Let’s talk about the initial income disclosure obligation now. You or your spouse or both parents must provide income disclosure depending on your situation.
Both you and your spouse must provide financial disclosure when there is a split or shared custody or parenting time arrangement.
Both parents must provide this information since child support is calculated taking into account both incomes, given the fact the children spend significant parenting time with each spouse or each parent has, at least, one child living with them on a full-time basis.
Both parents must provide financial disclosure when a parent is claiming a contribution from the other parent for what is called section 7 expenses. Section 7 expenses include daycare expenses and the costs of sports and extracurricular activities.
The two incomes are required since section 7 expenses are calculated on a proportionate to income basis to take into account any difference in income between the two parents.
Both parents must provide income disclosure when the paying parent earns more than $150,000 a year or more.
When these situations do not apply, only the parent who is paying child support is required to provide financial disclosure. For example, if your child is living with you on a full-time basis and you are not claiming any section 7 expenses, only the other parent must provide income disclosure.
What type of income information does a parent have to provide to the other parent?
You must provide your last three years’ Notices of Assessment and Reassessment. You must also provide a recent paystub that shows your year-to-date earnings.
You must also provide statements from any other source of income such as pension payments and payments from investments.
When you own a business or you are self-employed, you must provide financial statements from your business as well as the required Notices of Assessment and Reassessment.
I discuss more key information about income disclosure required for figuring out child support in your case in the next video.
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 905-4343-8837 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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