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
The following excerpt is from Cohen v Cohen, 2016 ONSC 3014 (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, [1986] O.J. No. 1500 (1 R.F.L.) (3rd) 176 (H.C.J.), 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).
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