What financial disclosure is required in an Ontario equalization case?

Full and frank financial disclosure is a cornerstone of equalization proceedings in Ontario. Both spouses must complete a sworn financial statement (typically Form 13.1 in court proceedings) that sets out their assets, debts, income, and expenses. Supporting documents — bank statements, property appraisals, pension statements, tax returns, corporate records — must be attached or produced on request.

Disclosure is not optional. If a spouse refuses to disclose or provides incomplete information, the court has tools to compel it, including orders for production, adverse inferences (assuming the undisclosed asset exists and has a higher value), and cost sanctions. Deliberately hiding assets is a serious matter and can result in the court setting aside a settlement agreement reached without proper disclosure.

Even in uncontested cases, both parties should provide enough documentation to confirm that the net family property statements are accurate. Speaking with a family law lawyer helps you understand exactly what you need to gather and produce.