Best family law tips to prepare Financial Statement, F8 form.

What are the best family law tips to prepare the F8 Form, Financial Statement?

1. Gather all necessary financial information: Before starting the process of completing a financial statement, gather all relevant financial information such as bank statements, tax returns, pay stubs, investment statements, and other financial documents. Usually your last 3 years of personal and corporate taxes and last 3 paystubs are the most important documents.

2. Be thorough and accurate: When filling out a financial statement, it is important to be thorough and accurate. Make sure that all figures are correct and all necessary information is provided. Leaving out information or providing inaccurate figures can lead to serious legal consequences. This is a sworn statement in which you are declaring your financial information. If you are not truthful, the judge can draw an adverse inference against you. This means that the court has the power to draw an inference that is adverse to the person, including attributing income to that person in an amount that the court considers appropriate, or perhaps attribute properties or a valuation based on the evidence.

3. Follow the guidelines: The guidelines for completing a financial statement in family law in British Columbia are very specific. Be sure to follow the guidelines carefully and fill out all required sections.

4. Do not exaggerate the expenses: be accurate with your expenses. One of the indications for lawyers and judges to impute a higher income to someone is by comparing their expenses to their declared income and their debt. If expenses are much higher that their declared income and they have no debt to justify the difference, they could be imputed a higher income.

5. Seek professional help if necessary: If you are having difficulty completing a financial statement or have complex financial issues, it may be helpful to seek the advice of a financial professional or lawyer. We assist client on a limited retainer to review their financial statement. You can book a document review appointment with Raha Seyed Ali, an experienced family lawyer to review and sign your financial statement.