What Is a Family Law Financial Statement in British Columbia?

If you have been told to complete a financial statement, you may be wondering which form it is, how much detail is needed and what happens if you miss something. The answer depends partly on which court your case is in.

This article walks through the forms used in British Columbia, what documents go with them, the deadlines and the consequences of leaving information out. It is general information, so confirm the details for your case with a lawyer.

This article covers the law of British Columbia.

Form 4 or Form F8: which one applies

A financial statement sets out your income, property, debts and expenses so the other side and the court can see your finances. People often search for Form 4, but the form depends on the court and the claim.

Provincial Court cannot divide property under Part 5, so the property-division financial statement is Form F8 in the Supreme Court. If your dispute involves dividing the home, savings or pensions, you will almost certainly be dealing with Form F8.

What to attach

For Form F8, the income documents to attach include tax returns for the three most recent years, notices of assessment, a recent earnings statement for employees, and the latest property assessment notice for owners of real property. For Form 4, any attachments are those described in that form.

• Tax returns for the three most recent years
• Notices of assessment
• A recent earnings statement, if you are an employee
• The latest property assessment notice, if you own real property
• Any other records that help you confirm your figures are accurate, such as account, investment, retirement plan and debt statements to keep on hand while you fill in the form

Remember what counts as family property: shares or business interests, income tax refunds, money in accounts, and pension or retirement savings entitlements. Family debt is generally obligations incurred from the start of the relationship to separation, and after separation only if the debt was incurred for the purpose of maintaining family property.

Deadlines

In the Supreme Court, a party must file Form F8 and income documents at least 7 days before a judicial case conference. A statement served more than 91 days before trial or a hearing must be updated at least 28 days before it. Rules are amended from time to time, so confirm the current subrules and time frames before relying on these numbers.

If a party fails to file or serve the required documents, the court may order compliance on terms.

What happens if you leave something out

A court may order a party to disclose information at any stage of a proceeding, and the information can be used only to resolve the family law dispute. If someone gives incomplete, false or misleading information, the court may order disclosure, draw an adverse inference (including attributing income), require security, or order payment of expenses. It may also order an amount up to $5,000 to a party or affected spouse or child, or impose a fine up to $5,000.

There are property consequences too. A court may order an unequal division if an equal division would be significantly unfair, and one factor it can consider is whether a spouse substantially reduced property value or disposed of, transferred or converted property other than in good faith. A signed agreement can be set aside on grounds such as non-disclosure. These disclosure consequences apply where information is incomplete, false or misleading, so if you discover an error in a statement, it is worth speaking to a lawyer about correcting it promptly.

What to do next

• Confirm which court your case is in and which form you were told to file.
• Collect the documents listed above before you start filling in the form.
• Value property at fair market value. Unless an agreement or order says otherwise, that is measured at the date of the agreement or court hearing, not separation, with an exception for pensions.
• If you believe some property is excluded, be ready to support that position, because the spouse claiming that property is excluded is responsible for demonstrating that it is excluded property. How to show excluded property on your statement depends on your situation, so it is worth confirming with a lawyer.
• Have a lawyer review the finished statement before you file it.

Frequently asked questions