One question that Family Lawyers are often asked is: “How long will this take?”. The answer to this question is heavily tied to the exchange of financial disclosure. A key document that must be completed and exchanged with supporting documentation (commonly referred to as ‘financial disclosure’) is a sworn Financial Statement.
Whether you wish to finalize a Separation Agreement, begin or respond to a Court Application, attend a settlement meeting or engage in mediation, all roads lead to financial disclosure and a full and accurate Financial Statement.
If you are engaged in a Court proceeding, a potential consequence for failing to provide financial disclosure is to have your pleadings struck by the Court. The Court does not resort to this remedy lightly as it results in a litigant being excluded or not being allowed to participate in the proceeding.
The Ontario Court of Appeal has re-visited the importance of financial disclosure and compliance with Court Orders in Martin v. Watts, 2020 ONCA 406 (CanLII). In addition to failing to comply with various Court Orders, the appellant in Martin failed to provide pertinent financial disclosure along with Court Ordered sworn Financial Statements. As a result, the motion judge struck the appellant’s pleadings finding that the appellant’s failure to comply was “unjustified, wilful and egregious” (the legal test).
The Ontario Court of Appeal upheld the motion judge’s decision finding that the appellant’s failure to provide full and accurate financial disclosure caused “further needless expense and delay and wasted judicial resources and those of the parties”. The Court also rejected the appellant’s submission that he mostly complied with the disclosure Orders noting that although he filed an updated Financial Statement, the document was “materially deficient”.
A party’s case can turn for better, or for worse, based on the information provided in their Financial Statement. As such, it is imperative that this document is completed accurately and with the benefit of legal advice. Please contact the Family Lawyers at Goodman Halioua LLP to schedule a consultation to review your financial disclosure requirements. Your case is likely to resolve expeditiously and more cost effectively if you invest in having a Family Lawyer review and assist with the completion of this key document.
