Financial Affidavits

Under Cook County Local Court Rule 13.3.1, in any divorce proceedings and in any other proceedings where maintenance, attorney fees, child support or child expenses, including college expenses, are at issue, a financial affidavit must be completed by both parties. A financial affidavit is a snapshot of your current expenses, income, property, and debts, in that moment when you are filling it out. The document is not filed with the court, which means it is not made part of the public record, however, the judge assigned to your case will be able to review these documents. The primary purpose is to create transparency for the assets, liabilities, and income of each party.

In addition to the financial affidavit, specific supporting documents must be provided as well. Cook County Local Court Rule 13.3.2 requires that the following be tendered along with the financial affidavit: (1) last two years of federal and state tax returns; (2) parties’ most recent paystub showing their year to date income; and (3) records of income not reflected in the paystub. If a party has not completed their tax returns, all documentation necessary for the preparation of the tax returns will need to be tendered instead, including all W-2’s, 1099’s, and K-1’s. If an individual does not have a paystub showing their year to date income then their last five paystubs must be tendered. If a party does not receive paystubs, then their bank statements must be tendered showing the income coming into their accounts.

Cook County Local Court Rule 13.3.1 requires that the financial affidavit and supporting documents be tendered either within thirty days of filing the initial petition or at least seven days before a hearing, whichever comes first. In practice, attorneys will oftentimes agree to tender financial affidavits and supporting documents by a certain date. It is also important to note that before any discovery requests can be issued to an opposing party, a Financial Affidavit and supporting documents must be tendered pursuant to Cook County Local Rules 13.3.1 and 13.3.2.

A financial affidavit is an important part of your court case and it is in your best interests to complete the form to the best of your ability and with as most accuracy as possible. The law provides that “[i]f a party intentionally or recklessly files an inaccurate or misleading financial affidavit, the court shall impose significant penalties and sanctions including, but not limited to, costs and attorney's fees”.  It is in a parties’ best interest to have an attorney assist them in compiling their documents and reviewing the financial affidavit to avoid error. 

Completing the financial affidavit and gathering documents can be daunting, however, The Law Office of Erin M. Wilson LLC can assist you along the way. Contact The Law Office of Erin M. Wilson LLC to schedule a consultation at 312-767-4220.

NOTICE: This blog is intended solely for informational purposes and should not be construed as providing legal advice. Please feel free to contact us with any questions you may have regarding this blog post.