When navigating a family law matter, you may be required to exchange financial disclosure. Financial disclosure, as noted in our blog post, Financial Disclosure in Family Law: Is It Required? is an exchange of financial information between parties in family law proceedings which provides a full and accurate story of their income, expenses, assets, and debts.
Financial disclosure is typically laid out on a Financial Statement form and accompanied by
supporting financial documents (bank, credit card, mortgage statements etc.) as well as a
Certificate of Financial Disclosure (think of this as a table of Contents for your supporting
documents). There are two forms available to parties and these are: Form 13: Financial
Statement and Form 13.1: Financial Statement. We will explore these two forms below.
What is the Difference Between Form 13: Financial Statement and Form 13.1: Financial Statement?
Despite these being two very different forms, they do bear some similarities. Both forms aim to
capture the financial story of the parties. As such, they both require the following information
from parties:
1. Income
2. Expenses
3. Assets and Liabilities
4. Children’s Expenses
The main difference between the two forms is that the Form 13.1 Financial Statement is designed for parties making or responding to property claims (for example: property division or equalization of net family property). As such, parties need to detail and provide supporting documents that show their ownership and value of all property (land and otherwise) on the date of marriage and the date of separation (referred to as the valuation date).
How Do I Determine Which Financial Statement Applies to my Matter?
When working with a lawyer, they will advise you on which form you should choose. However,
suppose you are self-representing or simply wish to get a head start on your documents without legal assistance. In that case, you might find yourself wondering which financial statement form you should be completing. Determining which financial statement form to use depends on the circumstances surrounding your matter. If you are married and seeking or responding to claims for equalization of net family property, exclusive possession of your matrimonial home and equitable property division, then the Form 13.1 Financial Statement is required.
On the other hand, if you are unmarried and your claims do not include property and, instead,
center around support (child and/or spousal), and special expenses, then you will likely need only a
Form 13 Financial Statement.
It must be noted that there are a few instances where no financial statements are needed, for
example, if you are only claiming Table Child Support or seeking to change it, then no financial
statement would be necessary in such an instance.
Navigating financial statement forms and financial disclosure can be tricky, but it doesn’t have to
be. Please call us at 905-215-1905 to book a consultation if you have any questions or concerns
regarding financial disclosure in family law proceedings.