In Illinois divorce proceedings, a sworn statement detailing an individual’s assets, liabilities, income, and expenses is a mandatory document. This document is often referred to as a financial affidavit. It provides a comprehensive financial snapshot of the parties involved, enabling the court to make informed decisions regarding property division, spousal maintenance (alimony), and child support.
The accurate and complete disclosure of financial information in these proceedings is critical for ensuring a fair and equitable outcome. The document’s use provides transparency, assists in the efficient resolution of financial matters, and potentially reduces protracted legal battles. Historically, such disclosures were less formalized, which often led to inequitable settlements and prolonged litigation. Standardized documentation improves court efficiency and protects the rights of all parties involved.