What is a Financial Affidavit and How is it Used During an Illinois Divorce?

 Posted on May 28, 2021 in Divorce

When a couple cannot come to an agreement on the terms of their divorce, the first step is to attend mediation services. If they are also unable to come to an agreement through mediation or if mediation did not make sense for the situation, then the case is usually sent to be heard before a judge who will make the final decisions. One of the first pieces of information that the judge will require from both spouses is a financial affidavit. These documents will enable the judge to have a better understanding of the couple’s financial situation before he or she makes any decisions about property division, spousal support, or even child support.

What Information is in a Financial Affidavit?

A financial affidavit is a document that details nearly every aspect of a person’s finances. The affidavit will contain information such as how much each spouse makes, how much they spend each month, what assets they own, and what debts they have. In the state of Illinois, information included in the affidavit includes:

• Personal contact information

• Information about your children

• Your place of employment and how much you are paid

• How much income was reported on the last year’s taxes and how much was paid in tax or received as a refund

• The sources and amounts that you receive as income each month

• The amount taken out of your sources of income for taxes, health or life insurance, maintenance, or debt repayment

• The amount spent on specific expenses each month, such as housing, utilities, pet care, vehicles, gasoline, out-of-pocket medical expenses, clothing, entertainment, etc.

• The amount spent on certain things for any minor children each month, such as clothing, school tuition or fees, school supplies, school lunches, before- and after-school care, out-of-pocket medical expenses, childcare, extracurricular expenses, entertainment, etc.

• The amount of debt owed and to which creditor it is owed to

• Information about specific assets and how much they are worth, such as bank accounts, certificates of deposit, investment accounts, real estate, vehicles, business interests, retirement accounts, tax refunds, lawsuits or personal injury claims, etc.

• Information about health insurance, such as who your policy is through, how much it costs, who pays for it, and who it covers

Discuss Your Situation With a Kane County Divorce Attorney Today

It can be extremely difficult to achieve an equitable distribution of assets if you are not aware of what your spouse’s financial situation actually is. A financial affidavit can give you a concise view of your spouse’s financial information to assist with asset and debt distribution, among other issues. At the Law Office of Matthew M. Williams, P.C., we can help you make a solid financial plan to use during and after your divorce. To schedule a consultation with our skilled Aurora, IL divorce lawyer, call our office today at 630-409-8184.

Sources:

https://courts.illinois.gov/Forms/approved/divorce/Financial_Affidavit.pdf

https://www.forbes.com/sites/jefflanders/2012/05/09/the-five-key-points-divorcing-women-need-to-know-about-financial-affidavits/?sh=3cbf156e11ec