It is becoming increasingly common to have clients who are self-employed, which comes with unique considerations when dealing with matrimonial property division. This paper explores important considerations and practical steps for family law lawyers to employ when advising clients with corporate or business interests in matrimonial property division matters. It provides an overview of business structures and steps to follow when gathering disclosure. It also highlights general principles regarding financial disclosure as well as commonly encountered issues in obtaining corporate financial disclosure. Finally, the paper discusses how to deal with financial disclosure once it is obtained, including methods for valuing a business.
This paper is part of a collection presented at LESA’s Business Issues in Family Law Matters program in Calgary on January 17, 2018 and in Edmonton on January 24, 2018.