Financial and Property Disclosures & Forms
In Illinois, the courts require both parties (husband and wife/mother and father) to make a full disclosure of all marital and non-marital assets. Typically the parties complete a statement or affidavit listing the parties’ monthly expenses, debts, and assets and exchange the information with the other party and his/her respective attorney.
The disclosure forms are county specific:
In some situations the parties have already reached an agreement regarding the division of property and debt. Even so, the courts often still review the completed form for a summary of all assets and debts in order to determine the fairness of the settlement.
If the parties have not reached an agreement, formal discovery will need to be completed which can include Interrogatories, Requests to Produce, issuance of subpoenas, and the taking of depositions. Through the issuance of subpoenas, parties are able to obtain bank records, credit card statements, pension and retirement account information, and other financial information that a spouse/parent may be attempting to hide.
There are often times when a party refuses to comply with discovery requests and the attorneys are forced to file motions with the court requesting compliance. If a party fails to comply with the rules of discovery or a discovery request, that party can be forced to pay sanctions for their non-compliance.