What financial information do we have to share with each other during separation in Ontario?

Full financial disclosure is a fundamental requirement for a valid and enforceable separation agreement in Ontario. The general principle is that each party must disclose all information that is relevant to the issues being negotiated — there is no place for hiding assets or minimizing debts.

For property division, you should disclose the value of all assets you own or have an interest in: real estate, bank and investment accounts, RRSPs and TFSAs, pension entitlements, business interests, vehicles, and personal property of significant value. You should also disclose all debts — mortgages, lines of credit, credit card balances, and any other liabilities. Crucially, you should disclose what these were worth on both the date of marriage and the date of separation.

For support, you must disclose your annual income from all sources, including employment, self-employment, business income, rental income, and investment income. Typically this is supported by recent tax returns and notices of assessment.

Courts have repeatedly set aside separation agreements where one party failed to disclose significant assets or misrepresented their income. The disclosure should be exchanged in writing, with supporting documents, before any agreement is signed.