time is money: exchanging financial information

Exchanging financial information is an important and necessary step upon divorce or separation. The process of financial disclosure is usually the first step if you are wanting to pursue child or spousal support or division of property.

What information you need to exchange is set out in a “Notice to Disclose / Application” (Court of Queen’s Bench of Alberta) or “Request for Financial Information” (Provincial Court of Alberta). While disclosure can be Court Ordered, it is in your best interest to exchange disclosure quickly and voluntarily, saving your own time and money.

Each party is going to have to disclose their finances. It’s perfectly understandable to be uneasy about sharing your financial details with your ex, however the reality is that it is in both of your best interests.

You will need to provide:

  • Your three most recent income tax returns;
  • Your three most recent Notices of Assessment from the Canada Revenue Agency;
  • Your three most recent pay stubs, if you are an employee;
  • Your most recent statement showing income from employment insurance (E.I.), any pension, social assistance, workers’ compensation payments, disability payments such as A.I.S.H., etc.;
  • If you are a student, an official statement showing the total amount of student funding you have received during the current academic year, including student loans, scholarships, living allowances, grants and bursaries;
  • If you are a sole-proprietor, the three most recent financial statements for the business, and a breakdown of all wages paid to you for the last 3 taxation years;
  • If you are a member of a business partnership, confirmation of your personal income and draws from – and any capital in – the partnership for its three most recent taxation years;
  • The three most recent financial statements for any business in which you own more than 1% of the company;
  • If you have any children, a list of their childcare expenses, health insurance premiums attributable to the child, uninsured health and dental expenses, school fees and expenses, and extracurricular expenses;
  • If you are a beneficiary under a trust, a copy of the trust settlement agreement and copies of the trust’s three most recent financial statements;
  • Your six most recent bank account statements for all bank accounts you hold either jointly or solely in your name;
  • Your six most recent credit card statements for all credit cards you hold either jointly or solely in your name;
  • A monthly budget of your expenses (if you are seeking spousal support);
  • A full list of your income, assets, and liabilities;
  • The most recent statements for all pensions, RRSPs, or other investments;
  • A full list of any exemptions you may be claiming, such as lottery winnings, property you owned before marriage, received as a gift, inherited from an estate, or received as an insurance settlement;

Your lawyer at Oakley Family Law works closely with you to ensure that both parties’ disclosure is complete and accurate, as this information helps determine complicated issues such as child support, spousal support, and what property and assets are to be divided. Contact us online or call us today at 587-943-1394, and get the ball rolling.

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