At Align Family Law, one of the first steps we take after a client retains us is to help them start gathering their financial information. Whether you are navigating a divorce, separation, or resolving financial matters in your family law case, having a clear understanding of your financial situation is essential. This not only ensures compliance with legal requirements but also helps us advocate effectively on your behalf.
In this blog, we’ll guide you through the financial documents and details you’ll need to provide, including income records, asset inventories, debt statements, and more. Our team of British Columbia family law lawyers will also share tips on how we help our clients stay organized throughout this process.
By organizing this information early, we can effectively calculate child or spousal support, plan property division, and ensure compliance with legal disclosure requirements.
Let’s dive into the key financial documents and information you’ll need to gather and why they’re important.
- Income Information – Understanding your income—and your spouse’s—is critical in addressing spousal support, child support, and property division. We will typically ask you to provide:
- Your most recent income tax returns (at least three years’ worth) and CRA Notices of Assessment.
- Your recent pay stubs (usually the last three months).
- Details of any bonuses, commissions, or additional income streams.
- Information on self-employment income, including business financial statements if applicable.
- Details of any government benefits (e.g., child benefits, disability benefits).
- Bank Account Details – Providing a clear picture of your liquid assets is another key step. We may ask for:
- Recent bank account statements (covering the past six to twelve months).
- Details of any joint accounts with your spouse.
- Information on any foreign accounts or digital assets, like cryptocurrency holdings.
- Property and Assets – A comprehensive inventory of property and assets is vital for property division. This includes:
- Real estate: Address, purchase price, and mortgage details for any properties you own.
- Vehicles: Make, model, year, and estimated value.
- Investments: RRSPs, TFSAs, pensions, stocks, or other investment accounts.
- Personal belongings: Valuables such as jewelry, art, or collectibles.
- Business interests: Ownership documents, shareholder agreements, or valuations if you or your spouse own a business.
- Debts and Liabilities – We will also need to understand your financial obligations, including:
- Credit card statements (covering the past six to twelve months).
- Loan agreements, including mortgages, personal loans, and lines of credit.
- Any tax debts or outstanding financial obligations.
- Household Expenses – To help determine spousal or child support, we need a detailed look at your household expenses. We may ask you to prepare a monthly budget that includes:
- Rent or mortgage payments.
- Utilities (e.g., electricity, water, gas).
- Groceries, transportation, and insurance costs.
- Childcare, education, or extracurricular activities for children.
- Medical expenses not covered by insurance.
- Agreements or Court Orders – If you or your spouse have any prior agreements or court orders, we’ll need to review them. This includes:
- Separation agreements.
- Marriage agreements (e.g., prenuptial or postnuptial agreements).
- Court orders relating to support, custody, or property division.
Why This Information Matters
Gathering this financial information may feel overwhelming, but it’s a necessary step in resolving your family law matters efficiently and effectively. By providing this information early, we can:
- Accurately calculate child and spousal support, if applicable.
- Develop a clear strategy for dividing property and debts.
- Ensure your case complies with disclosure requirements.
- Save time and costs by reducing the need for back-and-forth information gathering.
How We Help You Stay Organized
We understand that compiling these documents can be a daunting process, especially during an emotional time. That’s why we provide our clients with:
- A detailed checklist of the financial documents needed.
- Access to resources, such as worksheets or templates, to track your income and expenses.
- Support from our team to answer any questions and assist with document collection.
If you’ve retained us and are ready to start gathering your financial information, rest assured you’re not alone in the process.
Our team at Align Family Law is here to guide you every step of the way. If you have any questions or need additional assistance, don’t hesitate to reach out—we’re here to help.
Contact Align Family Law in Victoria, BC Today
If you’re considering retaining our services or want to learn more about how we can help with your family law matter, contact Align Family Law for a consultation. Together, we can take the next steps toward resolving your case with confidence and clarity.
