Waukegan Divorce Lawyers And Financial Affidavit 11.02

In all divorce and family law cases heard in Waukegan, Illinois, the Waukegan divorce lawyers must have their clients complete a Financial Affidavit 11.02. The Affidavits must then be served upon their opposing Waukegan divorce lawyer and made available for the court. The Affidavit contains a plethora of financial information about the clients including: name, age, address, children’s name, age, and location or residence, employment information, pay information, frequency of pay, and gross income from all sources for the current and past year.

The gross monthly income must be itemized in great detail. For example, the Affidavit requires specific amounts earned from salary/wages, overtime, commissions, pension and retirement, interest income, dividend income, social security benefits, rental income, etc.

The net income takes into account all the required deductions such as Federal tax, State tax, FICA, Medicare tax, Union dues, health care obligation, mandatory retirement contributions and prior court ordered obligations.

The next section deals with a person’s monthly living expenses. This includes housing, transportation, personal and miscellaneous. The Affidavit also accounts for the expenses incurred for minor children.

The next section lists the person’s assets which include real estate, automobiles, personal and business property, financial assets and retirement assets.

The next section provides a financial recap which indicates mathematically, the total income that the person has available per month. It is from this snapshot that the court can determine the ability of a person to pay and the needs of a person to receive. This Affidavit must be verified under oath prior to being submitted.

Although each County and jurisdiction has their own Financial Affidavit or Financial Disclosure Statement, Waukegan, Lake County, Illinois sets out their form in a very straight-forward manner. Affiants can readily understand the form so that there is no excuse for not properly listing one’s assets and liabilities. It is the duty of the Waukegan divorce lawyer to assist the client in the preparation of the Financial Affidavit.

Waukegan Divorce Lawyers & Attorneys

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Waukegan

2835 Belvidere Road
Suite 202
Waukegan, IL 60085

(847) 520-8100

Appointments available Friday:
9:00 AM - 1:00 PM
Saturday 8:00 AM - 11:30 AM
Please call for scheduling

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