Going through a divorce is always a challenging prospect. One of the most challenging aspects of divorce is trying to agree on how to divide marital property. After working diligently to earn money, purchase a home, and save, the last thing Illinois residents want is to lose half of their assets. Part of the division of property involves filing a financial affidavit. The Illinois Supreme Court has approved a financial affidavit form that must be submitted in all divorce cases, paternity cases, and child/spousal support cases.
What Information Do I Need to Include in the Financial Affidavit?
Both spouses are required to submit a Financial Affidavit in divorce cases. These documents provide each spouse with information about the other spouse’s financial situation. When you complete the Financial Affidavit, you will need to include the following information:
- Your identity
- Your relationship with the other party
- Your household members
- Your children
- Your employment
- Your monthly and yearly gross income
- Your monthly deductions from your income
- Your monthly expenses
- Your transportation expenses
- Your personal expenses
- Your expenses for minor and dependent children
- Your debts
- Your assets
- Your health insurance
You will also need to attach multiple financial documents to your Financial Affidavit, such as:
- Your income tax returns
- Your paystubs or other proof of income
- Your bank statements
- Any other documents that support the information included in the Financial Affidavit
Why Do I Need to Fill Out a Financial Affidavit?
Many people, understandably, view filling out a financial affidavit as a violation of their privacy. If you plan on filing for divorce, you may be wondering why you need to submit all of the required information on your affidavit. The judge presiding over your divorce case will use the information on your affidavit to assess the income, expenses, debts, and assets of you and your spouse.
You Must Fill Out Your Financial Affidavit Honestly
The statements you include on your affidavit form must be true. All of the information you include will be provided under oath and subject to the penalties of perjury in Illinois. If you provide misleading or false information on the financial affidavit, you could face sanctions, fines, and additional attorney’s fees.
Why You Need an Experienced Lawyer
Completing a Financial Affidavit is not a simple process. It requires individuals to sift through substantial financial documentation. The more assets you own, the more cumbersome the process of submitting your Financial Affidavit. Remember that the information you include must be accurate and true, or you can face serious penalties. An attorney can help you complete your Financial Affidavit correctly and thoroughly while using the information in your spouse’s affidavit to your advantage.
Discuss Your Case With a Skilled Cook County Divorce Lawyer
If you need representation for a retirement divorce in Cook County, Glasgow & Olsson is here to help. When you need an attorney, experience matters. Contact us today to learn how our experience can get you the results you deserve.