What is the husband's failure to disclose the value of his business interests in his financial statement?
Ontario, Canada
The following excerpt is from Kraemer v. Kraemer, 2019 ONSC 944 (CanLII):
The genesis of the wife’s motion is the undetermined value of the husband’s business interests. In his June 29, 2015 Financial Statement, for which he was granted leave to file, the husband recorded “TBD” (i.e. to be determined). In argument before me, his counsel advised that no one had been yet retained by the husband to value the husband’s business interests. That, in my view, is not compliant with the husband’s clear duty to value that interest. As noted by Clarke J. in Demchuk v. Demchuk, over 30 years ago, The new Act imposes a positive duty on both parties to disclose. If the purpose of disclosure is not to be frustrated, disclosure must perforce embrace not merely the existence of significant assets but also their extent or value. The speedy and equitable resolution of domestic disputes mandates that this information be completely and accurately disclosed (bolding added).
"The most advanced legal research software ever built."
The above passage should not be considered legal advice. Reliable answers to complex legal questions require comprehensive research memos. To learn more visit www.alexi.com.
Other Questions
What is the husband's failure to disclose the value of his business interests to the wife in the context of their separation proceedings? (Ontario, Canada)
Is restatement of its financial statements an acknowledgment by the company that it has made material misrepresentations in relation to its audited financial statements valid for a cause of action? (Ontario, Canada)
If a property has been valued at a fair value after the date of a valuation date, can the value of the property change from its original valuation date to its current value? (Ontario, Canada)
Is a husband's interest in an operating business disclosed to his wife before they entered into a marriage contract? (Ontario, Canada)
Does the term "goodwill" in the terms of a share and interest clause in a commercial partnership apply to the value of a partner's interest and goodwill in the business? (Ontario, Canada)
Are unaudited monthly financial statements or similar interim financial reports reviewed by the board of a condominium corporation considered core records? (Ontario, Canada)
Does a purchaser for value at a sheriff's sale who registers prior to registration of a prior unregistered beneficial interest have priority over the beneficial interest? (Ontario, Canada)
Is a party in a family law support case required to provide a complete and frank financial disclosure in the form of a financial statement? (Ontario, Canada)
What is the impact of a party’s failure to disclose financial information in a family law proceeding? (Ontario, Canada)
When a husband ceases to work when he could be working, when the wife's income is limited by the husband's lack of income, is that husband's absence of work not a bar to a support order? (Ontario, Canada)
