Illinois Supreme Court Financial Affidavit

Parties going through a divorce in the State of Illinois are required to disclose all of their assets and liabilities. This process is typically started with each party completing a 10-page standardized Financial Affidavit and exchanging corroborating documents, including tax returns, paystubs, bank account statements, credit card account statements, retirement account statements, and the like. In addition to assets and liabilities, the Financial Affidavit also provides information for monthly income, deductions, and expenses, as well as insurance coverage details. The Financial Affidavit, which has been approved by the State of Illinois for use in all counties, is also utilized in cases where parties have never been married but share responsibilities for the financial support of a child. Each county has it its own local court rules delineating when the Financial Affidavit should be completed and exchanged. Prompt and thorough completion of the Affidavit provides parties the ability to ascertain whether or not further discovery will be needed. The Financial Affidavits are also usually the starting point for completing the parties' Marital Balance Sheet which is helpful to have both in the negotiation process as well as in preparation for litigation, if necessary.