What Financial Disclosure Do We Need for a Prenup in Ontario?

You should give your partner an honest picture of your significant assets and debts before you sign. A court may set aside a marriage contract, or a provision in it, if a party failed to disclose significant assets, or significant debts or other liabilities, that existed when the contract was made. Ontario's government also advises partners to exchange financial information before signing.

What to share depends on your situation, so it helps to gather records of what you own and owe, including any pension and any business interest. Pensions deserve care, because a domestic contract may provide for an immediate transfer of a lump sum out of a pension plan, while other ways of dividing a pension interest by contract are restricted. A lawyer can confirm what suits your situation.

The court acts on an application, and what was left out matters because the ground is significant assets or debts. A clause in the contract cannot remove the court's power to set it aside. A court may also set it aside if a party did not understand its nature or consequences.