Importance of financial disclosure when creating your Separation Agreement

One of the biggest and sometimes toughest discussions when going through the mediation process is around property division.

It is crucial that prior to these discussions that spouses provide one another with full financial disclosure. What this means is looking at the value of assets and liabilities as of date of marriage and as of date of valuation. At that time, and with that information we can understand Net Family Property.

Providing full financial disclosure means you can make educated decisions. You are informed and therefore can feel empowered to make decisions that work best for you and your family.

Full financial disclosure means that your Agreement has a better chance of being upheld in court. Without this, your Agreement could be voided.

If you have any further questions regarding financial disclosure, please feel free to call our office.

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Mediation is a process led by a highly qualified, experienced and impartial professional who will help you and your ex-partner come to agreements on all aspects of your separation. You leave the process with a legally binding separation agreement and parenting plan if needed.

A Separation Agreement is a contract between you and your spouse or partner that states the settlement of issues relating to your separation. Drafting your Separation Agreement is an administrative task and by doing so does not mean we are implying that we are lawyers and providing any legal advice.  We strongly encourage any persons who are going through mediation to receive Independent Legal advice from a family law lawyer.

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