Family Law

The practice of exchanging financial disclosure in a family law matter is where two spouses provide each other with information about their income, assets and liabilities.

If the spouses are separating, the disclosure is necessary to determine issues related to support and equalization of net family property.  Generally, information about the value of assets and debts on the date of marriage and date of separation are exchanged.  Income information will typically be provided for the three years prior to the separation.

In the context of a Cohabitation Agreement or Marriage Contract, where one spouse is usually giving up certain rights or entitlements to support or equalization of property, disclosure is required to ensure that the spouse understands what it is they are giving up.

Financial disclosure is required under family law legislation.  Failure to make proper financial disclosure may result in a domestic contract being set aside.

A spouse may be required to pay the legal fees of their spouse if the matter is in court and one spouse receives a favourable judgment from the court.  The costs ordered to be paid are usually not the full amount of costs incurred.  Although costs may agree to be covered if the matter settles outside of court, that will depend upon the negotiations and offers made between the spouses.

Couples can be considered separated even if they continue to reside in the same home. The date of separation is defined as the date when the parties’ romantic relationship ended with no prospect of reconciliation. A specific date can often be difficult to pinpoint, so courts will consider several factors including whether parties;

• Shared a bedroom
• Had sexual intimacy
• Prepared and ate meals together
• Attended social events as a couple
• Shared chores
• Communicated about and accommodated each other’s schedules

In most situations, you will have to wait until one year from the day you and your spouse separated before you can ask the court for a divorce. The day you and your spouse separated is the day you both agree there was a breakdown in the relationship with no chance of reconciling. This can be symbolized by one spouse telling the other they want to separate, or one spouse moving out of the home.

No, you cannot. There are various issues that are dealt with in a separation agreement or marriage contract and these issues will impact you and your spouse differently. You each need your own lawyer so that they can advise you on these issues, what they mean for you, and what the options are for you going forward.