What are key uses for this 13.1 forms?

• it determines “net family property” for equalization (asset division)
• it provides a valuation of assets to be divided
• it supports or disproves claims about expenses
• it shows whether spouse has claim for unjust enrichment

Which parts of the form are similar to the Form 13? 

Parts 1 and 2 and Schedule A deal with income and expenses and are identical to Form 13.

Part 3 is identical to Schedule B of Form 13.

Schedule B is identical to Schedule C of Form 13.

What does Schedule A and Schedule B deal with?

• Complete Schedule A if: you have income that is not shown in Part I of the financial statement (for example, partnership income, dividends, rental income, capital gains or RRSP income)
• Complete Schedule B if:  you or the other party has sought a contribution towards special or extraordinary expenses for the children

What does the remainder of the form deal with?

The remainder of the form deals with assets and debts and is more extensive than the asset and debt information in the Form 13.

The extra information is required for a net family property calculation.

What dates are important for valuations?

• Date of Marriage – it is important to determine the value of assets brought into the marriage
• Valuation Date – as known as date of separation (DOS) – value of assets at separation
• Today – value of assets on date you are signing financial statement

What do you need to include in your statements?

• All bank accounts including RRSPs, RRIFs, RPPs, LIRAs, TFSA, Canada Savings Bonds, GICs, chequing, savings, shares, stock options, mutual funds and any other investments
• Any benefits you get with your employment (e.g. company car, dental or life insurance, extended health benefits, cell phone, stock options)
• If you own half of asset, only include 50% in your statement.
• Only put market value of the assets (not purchase price or replacement cost)
• Expenses: current expenses or best estimate of them over last year. Some things to note include:
  (1) If your children live with you, include their expenses in with yours if appropriate such as groceries.
  (2) Estimate expenses which are irregular, like car repairs. Specify when it is estimated.
  (3) Do not inflate expenses – be accurate and truthful.
  (4) If you are running a deficit between your income and expenses, be prepared to justify this. (i.e. savings depleted, borrowed money).
• Life Insurance – disclose term and whole life policies. Only whole life policies have a cash surrender value (CSV).  For term policies, you will leave the CSV column blank.
• Disclose business interests including sole proprietorships
• Disclose if you borrowed money, owed tax refund
• Be sure to include all loyalties points
• Debts: includes things like mortgages, personal loans, lines of credit, taxes payable, overdrafts, outstanding bills and credit card balances. Only include cards that you are the primary cardholder. Personal debts from family members will be closely scrutinized. Be prepared to provide a promissory note, or history of repayment if you are claiming it must be repaid; otherwise, the court will likely treat the loan as a gift.
• Disclose property disposed of in 2 years before separation
• List excluded property