Financial Disclosure is Crucial to Family Law Cases

When it comes to financial disclosure statements transparency and honesty is key. When settling family law disputes they help bring into light the financial situation for both parties. When preparing you financial disclosure statement, dishonesty could result in lack of credibility and ultimately be hurtful to your case.

Why is financial disclosure important?

Financial statements are the main factor when addressing financial issues of support and property. They allow us to asses an individual’s income. This is the first section of the document that establishes whether one party qualifies for child and spousal support or not.

A financial statement summary is divided up into the following five sections:

1. Income
2. Expenses
3. Assets
4. Deductions
5. Exclusions

This enables us to determine each party’s total net worth and if their expenses are higher than their income. If things don’t add up, then there’s a good chance one party is withholding asset information or earning cash on the side and not reporting it. If this is the case, lawyers may work alongside financial accounts to review such issues.

When moving forward through divorce proceedings and custody battles, be open and honest about your financial situation. This will help move the case along faster which could save you time and money. If so, the end result will, hopefully, be a decision that is fair for both parties.

Reposted from lawtimesnews.com

Reesa was called to the Bar in 1997, after completing her articles at prominent Toronto Firm Aird & Berlis. A veteran in her field, Reesa has been practicing almost exclusively in Family Law since 2002. Prior to practicing law, Reesa’s financial expertise spans nearly 20 years with a successful career in the financial services sector. Her deep understanding and thorough knowledge of complex financial issues has proven to be a great benefit to her clients.