Q: I’m going through a separation and my ex’s lawyer keeps insisting that I provide all my financial documents, including bank statements, tax returns — even information about my car and RRSPs. We’re not going to court yet, so I don’t understand why this is necessary. Can’t we just work things out without sharing all our personal financial information?
A: It’s a question many separating couples ask, and understandably so. The financial disclosure process can feel invasive, time-consuming and overwhelming, especially when emotions are running high. However, the truth is, financial disclosure is not just a formality. It’s a legal requirement and one of the most important steps in any separation or divorce.
When a couple separates, their finances need to be divided in a way that is open and fair to both sides. In Ontario, that means both parties are required to make a full and honest disclosure of their income, assets and debts. This applies whether you’re negotiating through lawyers, mediation or court. Without this information, neither your lawyer, your ex’s lawyer, nor a judge can make fair decisions about property division, child support or spousal support.
The process typically begins with completing a Form 13 or Form 13.1 financial statement, depending on your situation.
For married couples making property claims and/or support claims, disclosure must include a record of assets and liabilities at three key points: the date of marriage, the date of separation, and today. You must also provide income-tax returns for the past three years and up-to-date income information.
Unmarried individuals making property claims or those dealing only with support claims must disclose their current financial picture, along with their income-tax returns for the previous three years.
It’s important to support these forms with proof such as bank statements, pension summaries, pay stubs, mortgage documents and other financial records. These details ensure that what’s written on the forms is accurate and verifiable. While it can take time to gather everything, complete disclosure helps prevent disputes and misunderstandings later.
It’s also important to understand that financial disclosure isn’t optional.
If you’re negotiating an agreement outside of court, both parties’ financial statements are often attached to the final separation agreement. If either person hides information or makes inaccurate claims, that agreement could later be challenged and even overturned.
If your case goes to court, missing or outdated financial information can cause major delays, and a judge may even refuse to proceed until your disclosure is complete.
The consequences of incomplete or false disclosure can be significant. You could face incorrect support calculations, unfair property settlements or additional legal costs. Even a small omission, like forgetting to include an investment account or a piece of property, can create major complications.
The best approach is to treat disclosure as a safeguard, not a burden.
It protects your rights, helps you make informed decisions, and builds a foundation of trust in what can otherwise be an emotionally charged process. If you’re unsure about what needs to be disclosed or how to organize your documents, a family law lawyer can guide you through the process step by step.
Ultimately, full and accurate financial disclosure is what allows both parties to move forward confidently, knowing that their separation agreement or court order is fair, transparent and built to last.
