Financial Disclosure Obligations During Separation

If you have separated from your spouse you are entitled to financial disclosure documents in order to determine what support may be payable (either child support, spousal support or partner support) as well as what an appropriate division of matrimonial assets and debt would be. The Alberta Rules of Court and the Alberta Child Support Guidelines both require parties to provide full financial disclosure to each other on an annual basis during their period of separation. Full financial disclosure generally includes at least the following information:

  1. Income Tax Returns for the last 3 years;
  2. Notices of Assessment and/or Reassessment for the last 3 years;
  3. If an employee, a copy of each of the 3 most recent statements of earnings;
  4. Statement of Income from employment insurance, social assistance, a pension, worker's compensation, disability payments, or dividends;
  5. Statement of total amount of student funding;
  6. If self-employed in an unincorporated business, copies of every cheque issued to you in last 6 weeks from any corporation or business in which you have an interest; financial statements for 3 most recent taxation years; and a statement of all salaries, wages, management fees or other payment or benefits paid for 3 most recent taxation years;
  7. If a partner in a partnership, confirmation of income, draws and capital in partnership for 3 most recent taxation years;
  8. If you have 1% or more interest in a privately held corporation, the financial statements for 3 most recent taxation years, a statement showing a breakdown of all salaries, wages, management fees or other payments or benefits for 3 most recent taxation years, and a record showing shareholder's loan transactions for the past 12 months;
  9. Where child support is an issue, a detailed list of any special or extraordinary expenses claimed;
  10. If a beneficiary under a trust, a copy of the trust settlement agreement and copies of the trust's 3 most recent financial statements;
  11. Copies of all bank account statements for most recent 6 months;
  12. Copies of credit card statements for most recent 6 months;
  13. A monthly budget of expenses;
  14. A sworn itemized list of your income, assets and liabilities;
  15. Copies of most recent statement for all RRSPs, pensions, term deposit certificates, GICs, stock accounts and other investments;
  16. A list of any exemptions claimed.

The Supreme Court of Canada in Rick v. Brandsema has indicated that the failure to exchange full and complete financial disclosure may affect the validity of any Separation Agreement reached between the parties. If you have requested but not received full financial disclosure from your spouse there are legal steps that you may take to insure that you get the information that you need in order to make a fair and equitable settlement. Should you have any questions regarding what information that you are entitled to and/or obligated to provide, please contact one of the lawyers at Kirk Montoute LLP for advice or representation.