When a relationship breaks down, property and/or support issues come into play. When they do, you could very well be confronted with a document called a Financial Statement. Actually, there are two Financial Statements, Form 13.1 and Form 13.
Form 13.1 deals with both property and support claims; Form 13 deals solely with support claims. If you have to go to court to deal with property and/or support, you most certainly will have to fill out a Financial Statement. Even if you are choosing a more non-adversarial approach, such as mediation, your mediator will probably require both parties to fill out a Financial Statement. At first glance, these Financial Statements appear quite daunting. This memo, with a focus on the Form 13.1, is intended to help you tackle your Financial Statement. I will also address common errors made by people when preparing their Financial Statements.
There are two parts to a Financial Statement: the first part deals with income and expenses, which is relevant to the support issues; the second part deals with assets and debts, which is relevant to the property issues. .
Blake R. Lyngseth, Ottawa lawyer & mediator. Blogs primarily on issues of Ontario & Canadian family law & estate law.