The Importance of Financial Statements in a Chicago Divorce or Custody Case

One important step in a Chicago divorce or Chicago custody case is the discovery process. In discovery, parties may be required to respond to questions and provide documents regarding their past and present financial situation. Without at least standard, initial discovery, the parties and/or their attorneys cannot negotiate terms from an informed position. Even if the parties may be in agreement regarding potential settlement terms, discovery is necessary to confirm that the parties are adequately informed of the crucial facts and to provide the attorneys with the information necessary to draft custom settlement agreements and custody judgments. Through their respective attorneys, parties in a Chicago divorce or custody case usually will need to provide financial statements to the other party, including bank statements, credit card statements, and retirement account statements. Parties are usually required to provide the statements that are in their possession or that they can reasonably obtain. With the increasing popularity of online banking and financial account management, it is becoming easier for parties to obtain copies of their financial statements, even if the accounts are paperless or usually dispose of their paper bills. If the other party refuses to tender the required financial documents, it may be necessary to issue a subpoena to his or financial institution to obtain the statements. Because parties to a divorce typically must untangle and divide their joint and individual financial accounts, financial statements are important and help bring the case to its proper resolution.