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Why is a financial affidavit important in an Illinois divorce?

On Behalf of | May 24, 2022 | family law

During an Illinois divorce, people will likely understand the most prominent issues and topics that could lead to dispute. That might include spousal maintenance (also called alimony), child support, child custody, parenting time and property division. However, in these cases, some terms are based on requirements and they could be somewhat confusing. Since it is already a complex emotional time when people will be thinking about their future, they might be unfamiliar with key details. One that should be understood and will play a significant role in the case’s outcome is the financial affidavit.

Key points about a financial affidavit

The financial affidavit is a crucial part of a family law case because it details income, expenses and more. The information is provided to everyone involved. Particularly, it is meant to help to aid the court in its decisions. Documents must prove that the financial affidavit is accurate. That will include tax returns; pay stubs; bank statements; and information about debts, expenses and assets. This is necessary when one side is asking for temporary maintenance, support or attorney fees while the case is in progress. Some people do not have any income as a homemaker or stay-at-home parent and need assistance to get through the case.

It is imperative to be upfront about the information. The court will react forcefully to any lying or attempts to conceal the truth. Property must be assessed at its fair market value for which it can be sold. If it is an automobile, there are reputable agencies where its sale value can be gauged relatively accurately. There are many such entities for real estate.

All areas of family law cases should be understood and help could be needed

Finances are at the root of many family law cases and it is wise to be cognizant of its fundamental details. This is true from the perspective of both parties. The financial affidavit is just one aspect of the case that might not be fully grasped, but can be critical. To try and reach a beneficial outcome, having guidance with this and any other area of a case can be essential.