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Family Law - Property Financial Statements

Date: November 08, 2011

Authors: Angelita Manlangit LL.B.

When do I have to complete a Financial Statement?

In financial cases, parties are required to file a financial statement with their initiating application. A financial statement contains a detailed summary of an individual's financial condition. The parties must also file an amended financial statement later in the proceedings if their circumstances change.

What is in a financial statement?

Under the Family Law Act, a party to a financial case must make full and frank disclosure of the party's financial circumstances, including: 

  • the party's earnings, including income that is paid or assigned to another party, person or legal entity;
  • any vested or contingent interest in property;
  • any vested or contingent interest in property owned by a legal entity that is fully or partially owned or controlled by a party;
  • any income earned by a legal entity fully or partially owned or controlled by a party, including income that is paid or assigned to another party, person or legal entity;
  • the party's other financial resources;
  • any trust;
  • any disposal of property (whether by sale, transfer, assignment or gift) made by the party, a legal entity, a corporation or a trust mentioned in paragraph, that may affect, defeat or deplete claim;
  • liabilities and contingent liabilities.
Do I have to disclose all my assets and liabilities?

In financial cases, a full and frank disclosure of a financial statement is a must. At LAC Lawyers, we understand that completing one’s own financial statement can be a highly daunting experience and clients often leave certain information out, believing that it is not important. However, this can have a detrimental effect on your matter, including: 

  • Additional documents to be filed;
  • The inability to use information documents as evidence;
  • An order for costs;
  • Fines or imprisonment;
  • Having to pay the other's legal costs;
  • The possibility that the other party be given a more generous property order;
  • Charged with contempt of court;
  • Stay or dismissal of the case.

How can LAC Lawyers help? 

You should seek assistance from LAC Family Lawyers before filing your financial statement, to ensure that your matter is not delayed or dismissed as a result of failing to make a full and frank disclosure.

  

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