financial disclosures: new statute, new sanctions, new form…€¦ · statute •501 (a) either...

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Financial Disclosures:New statute, New sanctions,

New form…

LCBA Family Law Seminar

Nashville, April 2016

Nancy Chausow Shafer, Highland Park, IL

Statute

• 501 (a) Either party may petition or move for:

• (1) temporary maintenance or temporary support…accompanied by an affidavit… One form of financial affidavit, as determined by the Supreme Court, shall be used statewide.

• The requirement for the affidavit is not reciprocal in the statute.

• Circuit Court Rules require it – will it still?

2016 Family Law Conference Nashville, TN

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501(a)

• The financial affidavit shall be supported by documentary evidence, including but not limited to, income tax returns, pay stubs, and banking statements.

• How many years? Months? Pay Periods?

• What if you don’t have access to those documents? Can you file anyway? Provide the supporting docs later (after discovery?)

• Unless court otherwise directs, any affidavit or supporting documentary evidence submitted pursuant to this paragraph shall not be made part of the public record of the proceedings, but shall be available to the court,…to the parties, their attorneys, and such other persons as the court may direct.

Disparity Hearing and Sanctions?

• Upon motion of a party, the court may hold a hearing to determine whether and why there is a disparity between a party’s sworn affidavit, and the supporting documentation.

• Is this before or after the support summary proceeding?

• What is the remedy if only a disparity?

• What does disparity mean?

• If a party intentionally or recklessly files an inaccurate or misleading financial affidavit, the court shall impose significant penalties and sanctions including, but not limited to, costs and attorney’s fees.


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• Issues concerning temporary maintenance or temporary support…shall be dealt with on a summary basis based on allocated parenting time, financial affidavits, tax returns, pay stubs, banking statements, and other relevant documentation, except an evidentiary hearing may be held upon a showing of good cause.

• Is an alleged inaccurate or misleading affidavit good cause?

• If a party intentionally or recklessly files an inaccurate or misleading financial affidavit, the court shall impose significant penalties and sanctions including, but not limited to, costs and attorney’s fees resulting from the improper representation.

Sanctions

• If a party intentionally or recklessly files an inaccurate or misleading financial affidavit, the court shall impose significant penalties and sanctions including, but not limited to, costs and attorney’s fees.

• If a party intentionally or recklessly files an inaccurate or misleading financial affidavit, the court shall impose significant penalties and sanctions including, but not limited to, costs and attorney’s fees resulting from the improper representation.

• At signature, possibility of perjury is raised for the first time –under certification rules. Standard for perjury is different from intentionally and recklessly


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Form – Statewide form…

• One form of financial affidavit, as determined by the Supreme Court, shall be used statewide…

• Statute effective date was January 1, still no statewide form yet

• Subcommittee is still working on it, approval process expected to take at least until March (April?)

• What forms to use in interim? Most counties still using their own forms.

• Family Law Software included…benefits of the software

Family Law Software to the rescue

• Client data entry –

• Easy to check and correct

•Footnote, Headnotes galore•Ability to mark entries estimated

•Also can note TBD, Unknown, H (or W) has info, etc. to avoid inaccurate entries

•Supplemental reports easy to generate


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Other FLS useful features

• automatically calculates age based on birth date, and recalculates for updates

• automatically adds Valuation date and mortgage info, if I so specified

• automatically formats footnote text to fit in the box

• automatically formats the correct number of lines for each kind of investment asset, based on my selection of each asset's type.

• specifies "separate" based on a checkbox when I entered the asset.

• allows me to enter each party's children's expenses separately, and automatically adds them together for the Affidavit

• allows me to enter each party's household expenses separately, and automatically adds them together for the Affidavit if parties are living together.

Unanswered questions and problems

• Do not file affidavit (not part of public record) – but sanctions triggered if an affidavit is “filed”

• Affidavit, sworn, but 735 ILCS 5/‐109 says can certify and do not need affidavit form

• Sanctions language is repeated twice, but slightly different –why?

• Penalties and sanctions? Are they the same thing? If not, which is what?

• Financial Affidavit is only in temporary relief section – what about cases where no petition (or motion) for temporary support or maintenance is filed? Unilateral? Updates?


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Standards for Affidavits

•Disparity between affidavit and supporting documentation

• Intentionally or recklessly files

• Inaccurate or misleading financial affidavit

• Penalties and Sanctions

• Including but not limited to costs and attorney’s fees

• Resulting from the improper representation

What information goes on the affidavit?

• Historical

• Last 12 months (or longer) – define time period

• Current

• During the divorce process temporary arrangements may not accurately represent needs or actual expenses

• Projected future needs

• On a temporary or permanent basis?

• Wish list

• Standard of living I should have had during the marriage, if only…


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Protecting your client (and yourself)

•Making sure your client’s financial affidavit is not misleading

•Footnotes and Headnotes•Estimated numbers designated

•Supplemental forms – use attachments

•Designate time period referenced

•Can you avoid the affidavit “gotcha” games?

Can you rely on the affidavit?

•Goldsmith et.al, seem to require full discovery or take your chances

• State of the case law

• Impact on settled, mediated and collaborative cases?

• Can we rely on the financial affidavit as full disclosure?

•What if there was no temporary relief requested?

• Conclusion: Probably not, and if so what’s the point?


CH. 13 Page

MEMORANDUM

To: Nancy Chausow Shafer, Judge Ruble Murphy

From: Taryn S. Fisher

Date: January 16, 2016

Re: Caselaw following Goldsmith

________________________________________________________________________

I have reviewed and summarized what I found to be the most pertinent caselaw relating

to Goldsmith – particularly how it affects a party who relies on volunteered disclosure.

This memo lays out the primary case that follows Goldsmith, one unpublished case that

distinguishes, and cases outside of domestic relations that also cite to Goldsmith in

holdings. I have also listed cases that cite to Goldsmith but are either unpublished or

only briefly cite the case without it heavily playing a role in the outcome of the finding.

I. FOLLOWING CASELAW.

In Re Marriage of Lyman, 2015 IL App (1st) 132832, 389 Ill.Dec. 634, 27 N.E.3d 126

(2015).

Holding. In the dissolution of the parties’ marriage, the trial court properly dismissed

petitioner’s amended and second amended petitions filed pursuant to section 2-1401 of

the Code of Civil Procedure, as petitioner elected to forego further discovery by

accepting a representation and warranty of full and complete disclosure at her own peril,

and even though she had the opportunity to negotiate a clause into the settlement

agreement requiring respondent to disclose his interest in his businesses, she failed to do

so.

Summary. The parties were married for 25 years when petitioner Deborah Lyman filed

for dissolution of marriage in 2007. During the course of a two -year litigation, Deborah

conducted extensive discovery of third parties and hired multiple experts to value

portions of the marital estate. She specifically focused on obtaining financial discovery

related to respondent Robert Lyman’s 40% interest in his business entities, (“Mudd-

Lyman Entities”). Deborah retained an expert to value Mudd-Lyman Entities, who

assessed that the value was derived almost exclusively (over 90%) from one contract with

Home Depot, and placed a value of $38 million on Robert’s businesses.

Throughout the divorce proceedings, Robert asserted that the Home Depot contract was

temporary and due to expire, thus significantly affecting the value of Mudd-Lyman

Entities and his future earning capacity. Deborah moved for leave to subpoena Home

Depot in order to obtain more information regarding the contract, but after Robert

produced a letter from Home Depot terminating it’s contract, she did not pursue further

discovery, and eventually entered into a settlement of assets reflective of that

information, where she would receive $475,000 in cash from a bank account held in

Robert’s name, and he would retain 100% of his interest in the Mudd-Lyman entities. In


CH. 13 B Page 1

the settlement, Robert certified “under penalties provided by law pursuant to [Illinois

Code of Civil Procedure]” that the statements contained in the asset affidavit were true

and correct. In asset affidavit listed the material assets and liabilities held in his name, on

his behalf, or under his control, “exclusive of any assets held jointly” by Deborah and

him, which included 40% ownership of the Mudd-Lyman entities. He asserted that he

was not selling any interest in Mudd-Lyman entities, and that as of the date of the MSA,

he had not received any paycheck or any other form of income from the Mudd-Lyman

entities. The MSA did not require Robert to list the amount of money in any account of

the Mudd-Lyman entities, and Deborah failed to request current account balances of the

companies. The settlement was executed on the same day the trial court also conducted

the prove -up, where Deborah stated that she conducted discovery and that she was

satisfied that she had sufficient information to enter into the MSA. The court entered a

judgment of dissolution of marriage, incorporating the MSA.

Deborah filed a 2-1401 petition, alleging that Robert failed to disclose nearly $4 million

in cash in a Mudd-Lyman bank account, of which Robert held a 40% interest. The trial

court dismissed her petition, finding that both parties were free to obtain updated

information if they had chosen to and both parties elected not to do so.

On appeal Robert relied on Goldsmith, and the appellate court chose to follow the

holding in that case, noting that it was quite similar to the case at bar. “As in Goldsmith,

we find Deborah failed to exercise due diligence when she elected to accept Robert’s

representation of financial disclosure over the opportunity to engage in formal

discovery.” In re Marriage of Lyman, 2015 IL App (1st) 132832, ¶83.

II. DISTINGUISHING CASELAW.

In re Marriage of Trainor, 2013 IL App (d) 130019-U, 2013

Holding: Trial court properly granted the wife’s motion to vacate the property settlement

agreement.

Summary. A February 2012 judgment dissolving the marriage between petitioner Charles

Trainor and respondent Melissa Trainor incorporated a marital settlement agreement that

provided for disposition of the parties’ property. The marital settlement agreement was

executed on the same day that the matter proceeded to a prove-up hearing, where Charles

was represented and wife appeared pro se. The settlement divided the parties’ assets,

awarding Melissa car and a $10,000.00 buyout for the marital residence, and Charles two

cars and the marital residence. The parties waived formal discovery. The court, noting a

significant income disparity between the parties, asked if the parties had any other assets

other than the marital home. Charles’s attorney informed the court that Charles had some

retirement plans that didn’t amount to too much. The court entered a judgment of

dissolution of marriage, which incorporated the parties’ marital settlement agreement. In

May of 2012, Melissa retained counsel and filed a 2-1401 motion to vacate the judgment

based, in part, on a misrepresentation by Charles of his retirement accounts, which


CH. 13 B Page 2

included a pension plan worth $13,913 per year upon his retirement and a 401(k) plan

worth over $20,000. The trial court granted Melissa’s motion, explaining that had it

known the value of Charles’s retirement accounts, it would not have approved the

agreement as conscionable. On appeal, Charles argued that trial court erred by granting

Melissa’s section 2-1401 motion, stating in pertinent part, that Melissa failed to meet the

due diligence requirement and relied on Goldsmith for support. The Appellate Court

affirmed the trial court’s decision, finding the case distinguishable in that in Goldsmith,

the husband allegedly failed to disclose certain assets in the settlement agreement and in

the case at bar, the husband by way of his attorney, misrepresented the true value of his

retirement accounts when questioned by the court.

III. CITING CASES.

In Re Marriage of Bloom, 2013 IL App (2d) 121083-U (2013)

In Re Marriage of Raine, 2013 IL App 2d) 120665-U (2013)

IV. OTHER AREAS OF LAW

Criminal/ 1st degree murder

People v Lee, 2012 IL App (4th) 110403, 979 N.E.2d 992, 366 Ill.Dec. 191 (2012)

Cites Goldsmith when holding that defendant failed to present a meritorious basis and a

showing of due diligence for a section 2-1401 petition for relief from judgment or a

postconviction petition, when he asserted that he was not properly admonished about

Mandatory Supervised Release (MSR).

Foreclosure

WFN, LLC v Meimaroglue, 2012 IL App (1st) 111014-U 2012 Ill.App. unpublished

Holding the trial court properly denied defendant’s section 2-1401 petition where

defendant failed to propound discovery requests, take depositions or subpoena

documents, but instead relied on correspondence between attorneys as well as discovery

propounded in her bankruptcy proceedings, and thus failed to meet her burden of

showing due diligence. The appellate court cites Goldsmith, “the purpose of a section 2-

1401 petition to vacate the judgment is to inform the trial court of facts that would have

precluded the judgment entered had such facts been known, rather than to provide the

litigant with the opportunity to do that which should have been done in a prior

proceeding….to vacate a judgment based on newly discovered evidence, the petitioner

must demonstrate that she did not know of the new evidence at the time of the original

proceeding and could not have discovered the evidence with the exercise of reasonable

diligence.”

Corporate

Willis Capital LLC v. Belvedere Trading LLC, 2015 IL App (1st ) 132183, 390 Ill. Dec.

808, 29 N.E.3d 1078 (2015)


CH. 13 B Page 3

Plaintiff appealed trial court’s dismissal of its amended petition for relief from judgment

under section 2-1401, alleging court should have granted petition to reopen a 2008

settlement agreement and judgment under which it sold its ownership interest in

defendant because defendants fraudulently concealed information regarding the value of

the business prior to the execution of the settlement agreement. Appellate Court affirmed

trial court, citing Goldsmith and holding that regarding the element of due diligence, the

petitioner failed to exercise due diligence in the settlement proceedings when it put its

faith in the representations of the respondent and did not obtain an appraisal of the value

of the company prior to selling its shares, but produced such an appraisal in the present

litigation based on documents available at the time of the settlement and formed without

defendant’s cooperation. The court continues to hold that even if the defendants owed

petitioner a duty to disclose and fraudulently concealed information regarding the value

of the company, those documents were available prior to the entry of the settlement and

could have been used by the plaintiff to obtain its own appraisal. “Petitioner must show

that the evidence was not known to him at the time of the original proceeding and could

not have been dis covered by him with the exercise of reasonable diligence.”

Other citing cases.

Abbas v. RBS Citizens Nat’l Ass’n, 2012 U.S. Dist, (N.D. Ill. May 29, 2012)

Cavitt v. Repel, 2015 IL App (1st) 133382, 392 Ill.Dec. 404, 32 N.E.3d 712 (2015

People v. Jones, 2015 IL App (4th) 130675-U

People v. Lewis 2015 IL App (4th) 130631-U

Luker v. Cole 2014 IL App (4th) 140302-U

Cheatham v. Cheatham, 2014 IL App (5th) 130547-U

Goldin v. Morganstein, 2014 IL App (1st) 131674-U


CH. 13 B Page 4

Prepared by Daniel Caine 1/15/2016 3:11pm Page 1

This form is approved by the Illinois Supreme Court and is required to be accepted in all Illinois Circuit Courts.

STATE OF ILLINOIS, For Court Use Only

CIRCUIT COURT FINANCIAL AFFIDAVIT

Cook COUNTY (FAMILY CASES)

Marilyn Burroughs

Petitioner (First, middle, last name)

v.

Martin Landesman 14 D 5367

Respondent (First, middle, last name) Case Number

UNLESS THE COURT OTHERWISE DIRECTS, THIS FINANCIAL AFFIDAVIT (FAMILY CASES) AND ALL

SUBMITTED DOCUMENTARY EVIDENCE SHALL NOT BE MADE PART OF THE PUBLIC RECORD. IF A PARTY

INTENTIONALLY OR RECKLESSLY FILES AN INACCURATE OR MISLEADING FINANCIAL AFFIDAVIT

(FAMILY CASES), HE OR SHE MAY FACE SIGNIFICANT PENALTIES AND SANCTIONS, INCLUDING BUT

NOT LIMITED TO, COSTS AND ATTORNEY'S FEES.

If you need more room to complete this Financial Affidavit (Family Cases), fill out and attach an

Additional Information for Financial Affidavit (Family Cases) form and check this box

1. I am the Petitioner Respondent in this case.

2. I swear the following Financial Affidavit (Family Cases) and all attached documents are a true and

accurate statement of my income, assets, debts, and monthly living expenses as of 1/15/2016 ,

unless otherwise specified.

3. I have attached the most recent copies of the following documents (check all that apply):

a. income tax returns with or without attachments;

b. pay stubs or other proof of income;

c. bank statements; AND/OR

d. Other supporting documents (specify)

4. I am providing the following information about myself:

a. Name: Marilyn Burroughs

b. Phone Number: 312-920-2959

c. Home Address: 1001 W Diversey Ave

Chicago, IL 90021

d. Date of Birth: 4/5/1970 Current Age: 45

The software calculates the age automatically, given the birth date. If we pass

a birthday while the matter is pending, the software will automatically update

the age. This is a nice feature.

5. I am providing the following information about our relationship:

a. We were married/united on: 8/11/1998

b. Our marriage/civil union was dissolved on (if applicable):

SAMPLE


CH. 13 B Page 5


Enter the case number given by the Circuit Clerk: 14 D 5367

c. We were never married/united.

d. We currently live together: Yes No

e. We stopped living together on (if applicable): 9/15/2015

I can easily write narrative notes for just about any line or section. I can

make the narrative as long as I like, and the software will insert it when it

prints the Affidavit. This line, and the one above, and all the notes on this

Affidavit, were generated within the software, to illustrate the software's

capabilities for calculating, formatting, and adding notes.

6. I am providing the following information about the children that were born or legally adopted as a

result of my relationship with the other party:

a. No children were born or adopted as a result of my relationship with the other party.

b.

Name of child Age Date of Birth Residing With

1. Harry 16 1/31/1999 Petitioner Respondent

2. Beth 14 1/24/2001 Petitioner Respondent

3. Petitioner Respondent

4. Petitioner Respondent

7. I am employed: Yes No

a. If yes I am self-employed I work for someone else

b. Company's name: Chicago School Dist.

c. Company's address: 18006 W Roosevelt Rd

Chicago, IL 90302

d. Other Employment:

e. Address:

f. Number of paychecks per year 12 (monthly) 24 (two times a month)

26 (every two weeks) 52 (weekly)

I am paid in cash.

8. I am providing the following tax information:

a. Tax filing status last year: Married (Joint) Married (separate) Single

Head of Household Other

b. Number of dependent exemptions claimed: 1

c. Total number of exemptions claimed: 2

d. Amount of: tax refund liability last year $ 33

e. Gross income (before taxes) from all sources last year: $ 185,000

f. Gross income (before taxes) from all sources this year through: 1/15/2016 : $ 1,117

The software I am using automatically pro-rates income to date, through the date

I have entered. This makes it very easy for rme to complete this entry, without

having to add up all the sources of income and manually figure the amount earned

and received to date.

SAMPLE


CH. 13 B Page 6



9. I have filed for bankruptcy: Yes No

a. If yes, date of filing was: Case Number:

b. My bankruptcy case is still pending: Yes No

10. My gross (before taxes) monthly income is:

a. Salary Wages Base Pay Draw (check all that apply) ...... $ 1,417

I can enter footnotes for each income and expense item, and

the software will automatically put them with the line item

when it prints the Affidavit.

Overtime ................................................................. $

Commission ............................................................... $

Bonus .................................................................... $

Pension or other retirement benefits ............................................. $

Annuity ................................................................... $

Interest income ............................................................. $

Dividend income ............................................................ $ 9

Trust income .............................................................. $

Social Security ............................................................. $

Unemployment benefits ...................................................... $

Disability payment .......................................................... $

Workers compensation ....................................................... $

Public Aid/TANF (cash assistance) .............................................. $

Food Stamps/SNAP ......................................................... $

Foster care payments paid by DCFS ............................................. $

Investment income .......................................................... $ 1,000

Rental income ............................................................. $

Partnership income .......................................................... $

Royalty income ............................................................. $

Fellowships Stipend (check all that apply)

Grants Scholarships ............................................. $

Other $

b. Total gross monthly income: ................................................... $ 2,426

11. My monthly deductions are:

a. Federal income: 2 withholding allowances ............................. $ 514

State income tax ............................................................ $ 240

FICA (or Social Security equivalent) ............................................. $ 88

Medicare tax ............................................................... $ 21

Mandatory retirement contributions (by law or condition of employment) ................... $ 180

Union dues Chicago Teachers Union ...................................... $ 20

Insurance Premiums (check all that apply) Medical Dental Vision ..... $ 500

Life insurance premiums for child support .......................................... $

Maintenance: Case Number .................. $

Child support: Case Number .................. $

Expenditures that are repayment of debts reasonable and necessary

for the production of income, including student loans .............................. $ 210

Medical expenditures necessary to preserve life or health ............................. $ 50

Reasonable expenditures for child and other parent, excluding gifts ...................... $

Foster care payments paid by DCFS ............................................. $

b. Total monthly deductions: ..................................................... $ 1,823

SAMPLE


CH. 13 B Page 7



12. My monthly living expenses are:

a. Household expenses:

Mortgage or rent ............................................................ $ 1,109

The software allows you to highlight fields that you think

are particularly important. These highlights are stored with

the file and will print every time you print the file. If you

print in color, the highlights will appear in color.

Home equity payment/second mortgage .......................................... $

Real estate tax assessment ................................................... $

Homeowners or renters insurance .............................................. $

Heat/gas ................................................................. $

Electric ................................................................... $

Telephone ................................................................ $

Cable or satellite TV ......................................................... $

Internet ................................................................... $ 333

Water/sewer ............................................................... $

Garbage removal ........................................................... $

Laundry/dry cleaning ........................................................ $

Maid/cleaning service ........................................................ $

Furniture/appliance repair/necessary replacement ................................... $

Necessary repairs/maintenance to residence ....................................... $

Lawn/garden/snow removal ................................................... $

Groceries/household supplies/toiletries ........................................... $ 300

The software allows me to enter each party's household

expenses separately. The affidavit requires them to be

combined if the parties are still living together, and the

software can do that automatically. That way, I can get an

accurate look at each party's actual budget, while still

being able to show the household expenses combined for the

Affidavit. This is very helpful.

Liquor/tobacco ............................................................. $

Other Other: $

Subtotal Monthly Household Expenses: .................................... $ 1,109

b. My monthly transportation:

Gasoline .................................................................. $ 200

Repairs/maintenance ........................................................ $ 83

Insurance/license/city stickers .................................................. $ 64

Car payment ............................................................... $ 600 est

I can also mark items as "Estimated" by clicking a box.

Public or alternative transportation (taxi, ride-share, bus, train, etc.) ...................... $

Parking ................................................................... $ 40

Other $

Subtotal Monthly Transportation Expenses .................................. $ 987

c. My monthly personal expenses:

Medical (unreimbursed/uncovered/out-of-pocket expenses):

Doctor visits ............................................................ $ 125

SAMPLE


CH. 13 B Page 8



Therapy/counseling ...................................................... $ 240

Dental/orthodontia ....................................................... $ 100

Vision (glasses, contact lenses) ............................................. $ 60

Medicine .............................................................. $ 15

Life insurance premium (not required by law to secure child support):

Life (term) ............................................................. $

Life (whole or annuity) .................................................... $

Clothing .................................................................. $ 500

Grooming (hair, nails, spa, etc.) ................................................ $

Social/health club memberships/private clubs ...................................... $

Entertainment/dining out/hobbies ................................................ $

Newspapers/magazines/books/subscriptions ....................................... $ 40

Gifts ..................................................................... $ 150

Donations (political/religious/charity) ............................................. $ 50

Vacations ................................................................. $ 350

Voluntary trade organization dues/liability insurance ................................. $

Professional fees (accountants, tax preparers, etc.) .................................. $ 667

Other Other: $ 350

Subtotal monthly personal expenses ...................................... $ 2,647

d. Monthly minor and dependent expenses:

Clothing .................................................................. $ 208

The software allows me to enter the children's expenses for

each party, and it then combines them for the Affidavit. But

because I have entered them separately, I can see each

party's budget in another report that the software generates.

This is a great feature.

Grooming (hair, nails, spa, etc.) ................................................ $ 45

Education

Tuition ................................................................ $ 1,678

Books/fees/supplies ...................................................... $ 50

School lunch ........................................................... $ 20

Transportation .......................................................... $

School-sponsored activities/events ........................................... $ 13

Uniforms .............................................................. $

Before/after-school care ................................................... $ 200

Tutoring/summer school ................................................... $ 333

Medical (unreimbursed/uncovered/out-of-pocket expenses)

Doctor visits ............................................................ $ 20

Therapy/counseling ...................................................... $

Dental/orthodontia ....................................................... $

Vision (glasses,contact lenses) .............................................. $

Medicine .............................................................. $

Allowance ................................................................. $ 80

Childcare/sitters ............................................................ $

Extracurricular activities/sports (including equipment, uniforms etc.) ...................... $

Summer/school-break camps ................................................... $

Vacations (children only) ...................................................... $

Entertainment/dining out/hobbies (children only) ..................................... $ 300

Other Other: $

SAMPLE


CH. 13 B Page 9



Subtotal Monthly Minor or Dependent Children Expenses: ...................... $ 2,614

e. Total Monthly Expenses: ...................................................... $ 7,357

13. My Statement of Debts:

a. Amount Monthly

Still Payment

Creditor Name Payment For Owed Made

1. American Express Various 2,300 0

Martin's separate debt

Valuation Date: 12/20/2015 est

I can check the box to indicate that this is an estimated item, and

the software will automatically add a little "est" off to the right.

2. Marriott VISA Living expenses 5,292 0

Marilyn's separate debt

Valuation Date: 1/6/2016

The software adds lines for valuation date and a specification of

separate property, if I checked the box indicating that I want them.

3. American Express, joint Various 8,372 150


4. Sallie Mae Student loan 28,259 210


5.

Debt Totals: 44,223 360

b. Total Monthly Debt Payments: ................................................. $ 360

Minus debt payments included in Section 10.a ... $ 210

Total monthly debts not included in section 10.a .. $ 150

14. Summary of Monthly Income and Expenses:

a. Gross Monthly Income ....................................................... $ 2,426

minus

b. Total Monthly Deductions ..................................................... $ 1,823

equals

c. Net Monthly Income ......................................................... $ 603

minus

d. Total Monthly Expenses ...................................................... $ 7,357

e. Difference between Net Monthly Income and Total Monthly Living Expenses ............... $ (6,754)

minus

f. Total Monthly Debt Payments .................................................. $ 150

equals

g. Total Income Available Per Month ............................................... $ (6,904)

SAMPLE


CH. 13 B Page 10



15. My Statement of Assets:

a. Cash or Cash Equivalents

Checking, Savings, Money Market and Other Bank or Credit Union Accounts

Name of Bank or Institution Name(s) on Account Account Type Balance

1. Joint Savings Marilyn & Martin Savings 7,338


I chose an Investment Type from a drop-down list, specifying that this was a

savings account, and the software automatically grouped it together with all the

other savings accounts in the correct Affidavit section. It makes it very easy to

enter assets, because I can enter them in any order I like. And if I classified

them incorrectly, I can move them to the correct section simply by changing the

Investment Type selection. This is very a convenient and time-saving feature.

2. Marilyn Checking Marilyn Burroughs Checking 500


If I checked the box to indicate that this is separate property, the software can

automatically add text to so indicate on the Affidavit.

3. Martin Checking Marilyn Burroughs Checking 1,600


Asset subtotals are not on the official Affidavit, but we give you the option to

add them, for the convenience of the judge and the parties.

4.

Total 9,438

Certificates of Deposit

Name of Bank or Institution Name(s) on Account Balance

1.

2.

Total 0

Cash and Prepaid Debit Card

Location of Cash/Card Held By Amount

1.

2.

Total 0

The use of the abbreviation "FMV" below means Fair Market Value.

b. Investment Accounts and Securities

Stocks, Bonds, Options and Employee Stock Ownership Plans

Company Name # Shares Type Name(s) of Owner FMV

1. Savings bonds - Beth US Savings Bond 2,500


2. Savings bonds - Harry US Savings Bond TBD


To specify an amount where the amount is not yet known, I can select among a

number of special entries such as "TBD," "Unknown," "To Appraise," Etc.

Total 2,500

SAMPLE


CH. 13 B Page 11



Investment/Brokerage Accounts, Mutual Funds and Secured or Unsecured Notes

Description of Asset Owner Balance

1. Merrill Lynch Brok, $K inheritance comingled Marilyn Burroughs 200,000

Marilyn Burroughs's separate property: $200,000


2. Beth College Fund - Vanguard 25,000


Sample footnote: Parties have been doing their best to save for colllege. As the

court is no doubt aware, this fund, while not trivial, will by no means suffice

to pay for the impending tuition bills the children will face, and other party

must be compelled to pay a fair share of said expenses.

3. Harry College Fd - Vanguard 25,000


Total 250,000

c. Real Estate

Address Type Name(s) on Title FMV Balance Due

1. Residence 1,100,000 562,000

Fair Market Value: $1,100,000

1st Mortgage: $562,000

2. Residence 338,000 238,000

Fair Market Value: $338,000

1st Mortgage: $238,000

Total 1,438,000 800,000

d. Motor Vehicles (Cars, trucks, boats, trailers, motorcycles etc.)

Year, Make, and Model Title in Name of FMV Balance Due

1. Volvo Marilyn Burroughs 15,000 8,500

Valuation Date: 1/2016

The software automatically formats footnotes to fit in this space. So I can just

make footnotes as lenghty as I want them to be. I do not have to worry about

formatting them nicely.

2. Lexus Martin Landesman 25,000 15,000

Valuation Date: 1/2016

3.

4.

Total 40,000 23,500

e. Business Interests

Name of Business Type % of Ownership FMV

1.

2.

Total 0

f. Life Insurance Policies

Name of Insurance Company Type of Policy Death Benefit Cash Value

1.

2.

Total 0 0

SAMPLE


CH. 13 B Page 12



g. Retirement (Pension, annuities, IRA accounts, 401(k), 403(B), SEP, Deferred Compensation, etc.)

Name of Plan Type of Plan FMV or Account Balance

1. Merrill Lynch IRA IRA 206,252


2. Fidelity 401k 401K 320,329


3. Merrill Lynch IRA IRA 6,702


4. Accenture 401K H has info

5. City of Chicago Pension 197,089

Total 730,372

h. Income Tax Refunds (Federal and State) for the Last 2 Years

Tax Year Federal Federal Refund Amount State Refund Amount

1.

2.

i. Potential or Filed Lawsuits or Claims

Date of Occurrence Date Lawsuit or Claim Filed Case Number

1.

2.

j. Collectables (Coins, stamps, art, antiques, etc.)

Description FMV

1. African Art 20,000


Sample footnote: This collection is valued at cost. The market for this art has

suffered in recent years, and it is not at all clear that parties could receive

this value for it today. The parties have not been able to agree on an appraiser,

or whether an appraiser is necessary.

2.

Total 20,000

k. Other Assets and Property

FMV

Description of Asset Name of Owner(s) or Balance

1. Accenture Options ( sh.) TBD Martin Landesman 80,000


2. Amer Airlines Freq Flyer Miles TBD Martin Landesman TBD

3. Marriott Hotel Points Martin Landesman TBD

Total 80,000

l. Statement of Assets Transferred or Sold Within the Last 2 Years in Excess of $1,000

Amount

Received

Date of for

Description of Property Transferred or Sold to Transfer FMV Transfer

1.

2.

3.

4.

SAMPLE


CH. 13 B Page 13



Amount

Received

Date of for

Description of Property Transferred or Sold to Transfer FMV Transfer

Total 0 0

16. My Statement of Health Insurance:

a. I have health insurance: Yes No

b. Insurance company name is:

c. The type of insurance is (check all that apply): Medical Dental Vision

d. Deductible: Per Individual .... $ Per family . $

e. Co-Payment: Hospital ....... $

f. Co-Payment: Doctor Visit .... $

g. Co-Payment: Medicine ...... $

h. It covers: Me My spouse My dependents

i. Provided by: Employer Private Policy Medicaid Other Group

j. Monthly cost is paid by: Employer Me Subsidy Other

k. Total Monthly Cost ... $ 500

I certify that everything in the Financial Affidavit (Family Cases) is true and correct. I understand that making

a false statement on this form is perjury and has penalties provided by law under 735 ILCS 5/1-109.

___________________________________ 1001 W Diversey Ave

Your Signature Street Address

Marilyn Burroughs Chicago, IL 90021

Print Your Name City, State, ZIP

312-920-2959

Date Telephone

SAMPLE


CH. 13 B Page 14

financial disclosures: new statute, new sanctions, new form…€¦ · statute •501 (a) either...

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