All about “disclosure statements”
In almost every divorce case in the state of Illinois the divorcing parties are required to fill out some sort of “disclosure statement”. In Cook County, this document is referred to as a 13.3.1 Disclosure Statement, whereas in DuPage County it is a “comprehensive financial statement” or a “CFS”, for short. These documents are very helpful to attorneys, Judges and opposing parties during a divorce case and they serve many purposes.
First, the document is a projection of a person’s monthly income and expenses. When completed correctly, a disclosure statement is a snapshot of all of a litigant’s assets, liabilities and income. This is a great summary of what a person’s financial situation might look like.
Second, the disclosure statement is used to assist attorneys and Judges in reviewing a person’s paystub. It summarizes how often someone is paid, the amounts, if they earn bonuses or commissions and other pertinent information about the person’s pay structure. This is particularly helpful when trying to calculate child support.
Although disclosure statements are meant to be helpful, they are also a useful tool for the opposing attorney to cross-examine the person that filled it out at a hearing or deposition. If the financial disclosure statement is not filled out accurately, attorneys can very easily discredit the document and make the person that completed it look like they are hiding assets or otherwise being dishonest.
The secret to using a financial disclosure statement to your advantage is taking the time to complete it accurately. Review old bank statements, credit card statements, bills, receipts, and anything else that will help to keep the disclosure statement as accurate as possible. Our attorneys are experienced in all aspects of discovery throughout divorce proceedings. If you are looking for an attorney to represent you in your divorce and are anticipating discovery becoming an issue that you will deal with, please contact our office to schedule an initial consultation with one of our attorneys.