Common Mistakes To Avoid When Preparing Financial Statements

5 (2 votes)

Most family law cases involve at least one financial issue that needs to be resolved. This requires that both parties prepare a Financial Statement and produce financial disclosure. Often, this is the first time that a client will take a hard look at his or her finances and gather all of the relevant information about their financial situation in one place. For many, this is an overwhelming endeavor. In an effort to simplify the process, clients will try to cut corners wherever possible, and inadvertently leave out important information.

Carolyn J. Chambers

B.Comm, LL.L, LL.B., LL.M., CDFA®

Carolyn is a family law lawyer and CDFA® professional at the firm Gelman and Associates in Toronto, ON. She helps clients to reach financial settlements that consider the short- and long-term financial impact. She is also involved in the community as the current Vice President of Programs with the North American Association of Asian Professionals (Toronto Chapter), as a past member of the Board of Directors of the Family Lawyers Association, and as a current member, and past member of the Board of Directors of the Federation of Asian Canadian Lawyers.