When you are getting a divorce in Illinois, the courts require that each spouse submit a full financial disclosure in order to ensure the final divorce settlement is fair for both sides. One of the most critical documents that both parties must submit is a financial affidavit. Even if the divorce is a friendly and agreeable one, this is a required document.
Spouses’ financial affidavits are used to get a clear picture of what the marital estate looks like and what the financial standing of each spouse is. The court will use this information to determine several issues, including property and asset division, child support, and spousal support.
One of the most important factors that anyone filling out a financial affidavit should be aware of is that when you submit your financial affidavit to the court, you are swearing under oath that this information is “true and complete” to the best of your knowledge. Lying on a financial affidavit could result in sanctions by the court and even perjury charges.
Both parties must enter all sources of income and assets. This not only includes income from employment, businesses, and rental properties, but also income from interest earned from financial accounts, disability benefits, trust income, and royalties. In addition to financial accounts (savings, 401(k)s, etc.), other listed assets should also include real estate, vehicles, life insurance policies, and collections.
You will also be required to provide documentation to validate the information you are providing. This can include:
Your most recent pay stubs or other proof of income
Your most recent income tax returns
Your most recent financial institution statements
Any other documents that provide proof of other statements made in the affidavit
In addition to all sources of income, parties are also required to provide information about monthly expenses and debt. Documentation may also be required for this information.
Both the financial affidavit and the documents provided normally reveal the parties’ address and contact information. In cases where there is an order of protection or other no-contact order in place, the victim’s contact information can be removed.
If you are considering ending your marriage or your spouse has already served you with divorce papers, speaking with a DuPage County divorce attorney will provide you with important information to see what type of legal options you may have. Call J. Aldrich Law, P.C. at 630-953-3000 to schedule a free and confidential consultation.