Step by Step Instructions for Jointly Customers
Why property disclosure matters
Your agreement relies on full and honest disclosure or what you own and what you owe. Complete financial disclosure is one of the most important factors courts consider when deciding whether an agreement is enforceable. If information is missing or inaccurate, the agreement may be challenged later.
The Property Disclosure Worksheet helps you list all assets and debts clearly, including values and how those values were determined.
Step 1. Set the stage together
Choose a time when you are both relaxed, uninterrupted, and ready to focus. Treat this as a purposeful conversation rather than a rushed task. The goal is shared understanding.
Step 2. Review the worksheet together
Open the Property Disclosure Worksheet and read through it before filling anything in. The worksheet is divided into two main sections:
Assets, meaning property you own.
Debts, meaning liabilities you owe.
Assets can include real estate, bank accounts, investments, pensions, vehicles, and valuable personal property. Debts can include mortgages, credit cards, lines of credit, student loans, and car loans.
Step 3. Choose your start date
At the top of the worksheet, you will select a start date. This is the date used to determine property values for your agreement. The choices are:
- The date you started living together
- The date of marriage
- The date the agreement is signed
This date is important because it creates a clear reference point for the agreement.
Step 4. Complete the assets section
Each partner should complete their own asset list. For each asset:
- Describe the asset clearly. For real estate, include the address and the percentage you own. For financial accounts, include the institution name and identifying information such as the last few digits of the account number.
- Record the value of the asset both as of the start date and its current value.
- Explain how you determined the value. Examples include bank statements, investment statements, appraisals, or reasonable estimates based on market information.Where possible, keep copies of documents that support the values you listed.
- You don’t need to list all of your personal belongings (such as clothes), but you should list any item that has a value over $1,000 (mountain bikes, jewellery, designer items)
- If the asset is jointly owned, clearly indicate your share of ownership but list its full value.
Step 5. Complete the debts section
Next, list all debts. For each debt:
- Describe the debt and identify the lender.
- Record the amount owed as of the start date and the current amount owed.
- Explain how you determined the amount, such as recent statements or lender correspondence.
- For credit cards and loans, we recommend listing the limit and the balance. For example, “National Bank Mastercard xx5555, Limit $10,000, Balance $487”
- If a debt is shared, clearly indicate your portion of responsibility.
Step 6. Complicated Situations
Here’s a few specific examples and our recommendation:
- If you own a home, list the property and its full value as an asset, and indicate the percentage of your ownership (i.e. 123 Main Street, Ottawa, Ontario, Market Value: $500,000, own 50% interest as joint tenant). List the mortgage and its balance owing as a debt (i.e. “National Bank Mortgage against 123 Main Street, Ottawa, $450,000 balance”).
- If you own a car, list the car and its full value as an asset (i.e. 2020 VW Jetta, $15,000). List any loan or financing for the car as a debt (Loan with VW Financing for 2020 VW Jetta, $8,759”). Try to reference the Blue Book or sales postings to get an accurate value and make note of this.
- If you own a business or shares in the company, list it as an asset. The value will often be difficult to determine unless you’ve recently purchased it or had it professionally valued. (i.e. “100 Common Shares of Bob’s Plumbing Ltd.”, value unknown, or “Sole Proprietorship operating as Bob’s Plumbing, value unknown”)
Step 7. Review each other’s disclosures
Once both of you have completed the worksheet, review each other’s entries together. This step is meant to ensure clarity and completeness. Use this time to ask questions, confirm values, review supporting documents, and identify any missing information or documents.
This is not a negotiation about how property will be divided. It is simply about understanding what exists.
Step 8. Sign and date the worksheet
When you are both satisfied that the information is accurate and complete, each of you should sign and date the worksheet. By signing, you are confirming that the information provided is complete and honest. Your partner should also review and sign the worksheet to indicate that they have seen it and have received all the information they want about your finances.
Step 9. Attach it to your agreement
Your worksheets should be attached to your Jointly agreement (when completed) as Schedules A and B. You should also retain copies of any documents used to support asset or debt values. These records will be used when drafting your cohabitation or prenuptial agreement and may be important later.
I founded Jointly because I want to empower more Canadians with the knowledge and tools to create relationship agreements that work for them, at a price they can afford. My big dream? That reaching more Canadians with Jointly ultimately keeps more families out of the court system when relationships breakdown, which can be slow, expensive and traumatic.
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