If any of the issues you plan to address during your family mediation are financial in nature, you need to make full financial disclosure.
Why? To make the best decisions you can, both you and the other party need to be sure neither is hiding anything financially. Making financial disclosure can be complicated depending on your situation; it may be a good idea to get Independent Legal Advice (ILA) when doing so. A lawyer can also better advise you on the pitfalls of hiding financial information during your separation or divorce (mediation or not).
One way to make financial disclosure is to fill out the appropriate forms that are used in Family Court. In Ontario, Rule 13 from the Family Law Rules are what applies to Financial Disclosure. Form 13 Financial Disclosure (Support Claims) or Form 13.1 Financial Disclosure (Property and Support Claims) are the two forms that might be applicable to your situation. You can find them here: http://ontariocourtforms.on.ca/en/family-law-rules-forms/
It helps when filling out the forms and/or making financial disclosure in some other way, that you have documents that substantiate the numbers you use. The following is a list of documents you may need – though depending on your personal situation, there may be others not found in this list.
- Personal Income Tax Returns for the past three years
- Income tax summaries for the past three years
- Notices of Assessment or Re-Assessment from CRA for the past three years
- Pay stubs to prove current annual income
- Letters from all employers setting out current income and any pertinent details (overtime, bonuses, layoffs, etc.)
- Documents from Employment Insurance WSIB, Ontario Works, disability benefits, etc.
- Record of Employment from previous employer
- Statement of Business Income & Expenses
- Statements for all bank accounts
- Various bills and statements for all expenses, utilities, etc.
- Business valuation
- Pension valuation
- Proof of payment of extraordinary expenses
- Quotes for anticipated extraordinary expenses
- Proof of payments for any support
- Valuations of any property listed
Whitaker Mediation Ltd. is available to provide family mediation for your separation, divorce, or other matter. Please contact us for a free consultation so you can decide if mediation is for you.