At the beginning of a divorce, our clients have all sorts of questions, as people rarely understand the process beyond what they have heard from friends or family members. Though, the most popular question is, “how long will this process last and how much is it going to cost.” In typical fashion, the answer is “it depends.” It depends specifically on several variables, including how the parties behave. The first indication of how the parties will act usually comes when they exchange their respective financial affidavits.
A financial affidavit is a discovery tool for the court to get a general idea of what assets and income the parties are dealing with. Like an ordinary affidavit, a financial affidavit is a sworn statement of fact voluntarily made by an affiant under an oath. The filing of a misleading or intentionally inaccurate financial affidavit is sanctionable under the Illinois Supreme Court Rules. Parties who wish to be divorced in a timely fashion should pay close attention to the details they provide on their financial affidavit.
In Cook County, under the local rules, financial affidavits must be exchanged between the parties within sixty (60) days of filing for divorce. Within a financial affidavit, the party is asked to disclose all sources of income, their monthly expenses, and to list their assets and liabilities. When each party files a detailed and accurate financial affidavit, it can serve as a roadmap for several key issues in the divorce.
On the other hand, the filing of a misleading or obscurely bare financial affidavit creates tension and mistrust that can rarely be cured throughout the remainder of the case. In addition to it being sanctionable, breaching the trust of your former spouse, the attorney on the other side, and even the judge, it can also lead to a much longer and more expensive divorce.
As soon it is revealed that a financial affidavit is somehow faulty, it opens the door to all sorts of questions about what else the party could be hiding. This can, and often will, lead the parties down a path of extensive discovery, forcing each party dig deeper into their private financials, including, but not limited to, bank records, credit card statements, and much more.
For the reasons stated above, it is critical that each party file a truthful financial affidavit. Further, if you discover that something you put on your financial affidavit turns out to be inaccurate, you should contact your attorney immediately as you can always file an amendment.
Robert J. Friend, Attorney
For more information on Mr. Friend, please visit: www.beermannlaw.com/team/robert-j-friend.
