What is the test for setting aside an agreement where there was a failure to make disclosure of assets and liabilities?
Ontario, Canada
The following excerpt is from Gabucayan v. Gabucayan, 2021 ONSC 4313 (CanLII):
Even if there was a failure to make disclosure of assets and liabilities, the assets and liabilities have to be significant for the court to consider setting aside an agreement. The term “significant” must refer to and be measured in the context of the entire relationship between the parties and it should not be considered in isolation of all the surrounding circumstances: Turk v. Turk, 2018 ONCA 993, 143 O.R. (3d) 661, at para. 11. Disclosure should be considered significant if its financial effect would have caused the spouse to rethink their position: J.L.S., at para. 34. ii. Position of the Parties
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