MOVING MATTERS QUICKLY: DISCLOSING YOUR FINANCIAL INFORMATION
If you or your spouse want to pursue a divorce, divide property, or seek child or partner/spousal support in Alberta, both parties must exchange financial information.
Disclosure must be exchanged as soon as possible so your matter can move forward quickly. The exchange of financial disclosure may be pursuant to a form within the Alberta Rules of Court called a Notice to Disclose. Oftentimes, parties will exchange the information required by the Notice to Disclose voluntarily rather than being compelled by Court Order.
Financial disclosure is an obligation that each party must fulfill. This means that both parties must provide information about their income (tax returns, notices of assessment, pay stubs, etc.), assets (real estate, investments, vehicles, jewelry, bank accounts, etc.) and liabilities (debts, credit cards, lines of credit, mortgages, etc.).
While the exchange of financial disclosure can be uncomfortable, it is legislated – this means both you and the other party must exchange it. You will be required to provide:
- 3 most recent income tax returns;
- 3 most recent Notices of Assessment;
- 3 most recent pay stubs, if you are an employee;
- The most recent statement you may have regarding income from employment insurance, social assistance, a pension, workers’ compensation, disability payments, dividends, etc.,
- If you are a student, a statement indicating the total amount of student funding you have received during the current academic year, including loans, grants, bursaries, scholarships and living allowances;
- If you are a partner in a partnership, confirmation of your income and draws from, and capital in, the partnership for its 3 most recent taxation years;
- 3 most recent financial statements for any business in which you own more than 1% of;
- List of childcare expenses, health related, school, extracurricular expenses and post-secondary education expenses for the children;
- If you are a beneficiary under a trust, a copy of the trust settlement agreement and copies of the trust’s 3 most recent financial statements;
- 6 most recent bank account statements for all bank accounts, business, personal and joint;
- 6 most recent credit card statements for all credit card, business and personal;
- A monthly budget of expenses (if you are seeking spousal support);
- Most recent statements for all investments and other debts;
- Most recent pension statement;
- A list of your income, assets, and liabilities (i.e. real estate, vehicles, bank accounts, loans, etc.);
- List of any property owned before marriage, inherited, received as a gift, or received as an insurance settlement.
At EBL Family Law, our experienced lawyers guide you through this process to ensure both parties’ disclosure is accurate and complete.
If you require assistance, please call EBL Family Law at 587-390-3070.