Family Law Financial Disclosure Checklist (Ontario)

Every document you need to gather so your separation agreement actually holds up.

Who this is for: Anyone in Ontario separating from a married spouse or common-law partner who needs to assemble their financial disclosure — whether you're negotiating privately, mediating, or heading to court. What you'll get: a grouped, print-and-tick checklist of income, asset, debt, and valuation documents, plus where each one comes from and how the dates work.

⚖️ This is a general guide, not legal advice. It can't account for your specific situation. Use it to get oriented, then confirm the details with a licensed Ontario lawyer.

Why this checklist matters more than any form

In Ontario family law, financial disclosure is not optional and it is not a formality. Both partners are legally required to make full and frank disclosure of their finances. Here's the part people underestimate:

⚠️ An agreement built on incomplete or dishonest disclosure can be set aside — sometimes years later. If you hide an asset or understate income to get a "better" deal, you hand the other side a powerful reason to reopen everything. Complete disclosure isn't just fair; it's what makes your agreement durable.

Disclosure does three jobs at once:

1. It lets you calculate child support and spousal support (both driven by income).
2. It lets married couples calculate equalization of net family property under the Family Law Act.
3. It builds the trust that lets a settlement actually close.

Two dates run through everything. For married couples especially, you'll need figures at:

• the date of marriage (your starting financial position), and
• the valuation date — usually the date of separation (your ending position).

Equalization compares how much each spouse's net worth grew between those two dates. So as you gather documents, always ask: do I need this as of the marriage date, the separation date, or both? Common-law partners don't equalize property the same way, but full income and asset disclosure still matters for support and any property claims.

Group 1 — Income documents

Income drives child support and spousal support, so this group is non-negotiable. Gather the most recent few years for the items marked.

• Pay stubs — your most recent, plus year-to-date totals. From: your employer or payroll portal.
• Income tax returns — the last 3 years (complete returns, all schedules). From: your copies, your accountant, or CRA "My Account."
• Notices of Assessment (and any Reassessments) — last 3 years. Why it matters: this is CRA's confirmation of your income and a key support document. From: CRA "My Account."
• T4s, T4As, T5s and other tax slips — last 3 years. From: employers, banks, payers.
• Record of any bonuses, commissions, overtime, or tips.
• Employment Insurance, pension, or disability income statements, if any.

If you're self-employed or own a business, add:

• Financial statements for the business — last 3 years. From: your accountant/bookkeeper.
• Corporate tax returns (T2) and Notices of Assessment, last 3 years.
• Records of any salary, dividends, or shareholder loans you draw.
• A list of business assets and any personal expenses run through the business.

💡 Tip: Self-employment income is often the most contested part of disclosure. Be transparent and organized — it saves money and credibility.

Group 2 — Assets

You're building a complete picture of what you own. For each asset, you'll generally want a statement at the date of separation, and (for married couples) a statement at the date of marriage too.

Real estate

• The matrimonial home — address, ownership, and value. Value from: a recent appraisal or realtor opinion; ownership from your title/deed.
• Any other property — rentals, cottage, land, foreign property.
• Mortgage statements for each property (this also feeds your debts list).

⚠️ For married couples, the matrimonial home gets special treatment under the Family Law Act — it isn't treated like an ordinary asset. Flag it clearly.

Bank and investment accounts

Registered savings and pensions

• RRSP and RRIF statements (value at separation date; marriage date if married). Note: registered savings have a tax cost on withdrawal — they may be treated differently than cash.
• Pension — your most important and most overlooked asset. A workplace or government pension often needs a formal valuation for family law purposes. From: your pension administrator; ask for a Family Law Value statement.

💡 Don't skip the pension. A long-service pension can be worth more than the house. It usually requires a special valuation, so request it early — these can take weeks.

Other valuable property

• Vehicles, boats, trailers — make/model/year and value.
• Life insurance policies — type and cash value, if any.
• Significant personal property — jewellery, art, collections, equipment.
• Business interests, partnership shares, or stock options.
• Money owed to you (loans you've made, receivables).

Group 3 — Debts and liabilities

Debts reduce net worth, so they matter just as much as assets. Gather a statement showing the balance at the separation date (and at the marriage date, if married).

• Mortgage balances (per property).
• Lines of credit and HELOCs.
• Credit card balances. Why it matters: a joint card can make you liable for the other person's spending.
• Personal, student, or car loans.
• Taxes owing to CRA.
• Any other money you owe (family loans, business debts you've guaranteed).

⚠️ Joint debts don't disappear when you separate. The lender can still pursue either of you. List every joint obligation so it can be dealt with in the agreement.

Group 4 — The "two dates" worksheet (married couples)

Equalization compares your net worth on two dates. Use this to track what you have for each. (Common-law partners can skip equalization but should still know their own date-of-separation picture.)

💡 Special rule on the marriage-date home: the value of a home you bring into the marriage and that becomes the matrimonial home is generally not deducted as a marriage-date asset in the usual way. The rules around the matrimonial home are nuanced — this is a point to confirm with a lawyer rather than estimate yourself.

Also flag any excluded property — for example, a gift or inheritance received during the marriage from a third party, kept separate, may be excluded from equalization if you can trace it. Keep records that prove the source and that it wasn't mixed into joint assets.

Group 5 — Putting it on the record: Form 13 / 13.1

When disclosure becomes formal — in court, and often in negotiation and mediation too — it's organized into a sworn Financial Statement:

• Form 13 — used when only support is in issue.
• Form 13.1 — used when property (and possibly support) is in issue, which covers most married-couple separations.

A few essentials:

• You complete the form using the figures and documents above.
• It is sworn or affirmed — meaning you're swearing it's true. Accuracy matters.
• You attach supporting documents (the income items especially).
• You update it if your finances change materially before the matter resolves.

⚠️ The Financial Statement is a sworn document. Guessing, rounding aggressively, or leaving things off isn't just risky for your agreement — it's a statement made under oath. When unsure, disclose and explain rather than omit.

Mini-FAQ

Do I really have to disclose everything, even small accounts? Yes. "Full and frank" means full. Leaving out a small account looks worse than it's worth and can taint the whole disclosure.

What if my partner won't disclose? There are court tools to compel disclosure, and a refusal often hurts the non-discloser. Get advice — you have remedies.

How current do the values need to be? You want values at the separation/valuation date. Pension valuations and appraisals can take time, so request them early.

Can we agree to skip some of this to save money? You can streamline, but you can't safely skip disclosure itself — that's the very thing that can sink an agreement later.

What's next

Once your disclosure is gathered and exchanged, you're ready to calculate support and equalization, and then move into negotiating and drafting your separation agreement. Two companion guides in this Family set help: the Separation Roadmap (the big-picture order of operations) and the Parenting Plan Worksheet (for the children's arrangements).

How Treadstone Law can help

Disclosure is tedious, but it's the foundation of a fair, lasting settlement — and it's exactly the kind of thing we make painless. Treadstone Law is a digital-first Ontario firm based in Mississauga, serving clients across the province virtually.

• Flat, transparent fees for separation agreements and independent legal advice.
• Online intake — start gathering and submitting from home.
• We'll help you organize disclosure, prepare your Financial Statement, and turn the numbers into a fair agreement.

Begin at treadstonelaw.ca/start-file, check costs at treadstonelaw.ca/pricing, learn more at treadstonelaw.ca/family, or call 1-844-900-1070.

This is not legal advice

This guide is general information, not legal advice. Reading it does not create a lawyer-client relationship. Ontario laws, tax rates, and government programs change, and how the law applies depends on your specific facts. For advice about your situation, speak with a licensed Ontario lawyer. Treadstone Law is licensed by the Law Society of Ontario — reach us at 1-844-900-1070 or start a file online.