Exes: Know Your Obligation for the Exchange of Income Information

During your divorce proceeding, it may be time for the exchange of income information. Please review your court documents to confirm whether you have the obligation to provide proof of income to your ex. This is very common if a party is required to pay child support or maintenance.

I often have clients say that they failed to do this since they felt they knew what the other person was earning, or because the parties simply agreed not to exchange information. If your judgment states that you are to do this exchange, PLEASE do it. While you may be in agreement with skipping it, you may be held in contempt later for failing to do so.

Also, if someone is not willing to provide their information, there is probably income that they would prefer to keep quiet. Getting the correct and current income information may help you get more support or enable you to pay less.

What information must be exchanged? Again, check your court documents, but generally anything that reflects any source of income – not just income from your employment. You likely are required to exchange the last pay stubs of the year, along with W-2s, 1099s (reflecting contract work or investment income), and K1s reflecting income from a trust.

You may be required to provide additional documents in your judgment. Remember that income for child support purposes is income from all sources, including but not limited to side jobs, IRA/401(k) distributions, investment income, etc.

What should you do with this information? Talk to your attorney ASAP. Do not try to run calculations on your own, as they will likely not consider all of the factors and may result in you paying too much or receiving too little this year. It may also impact what you owe for last year if there is a true up provision to set support based upon actual numbers.

For more information, please contact:

Wakeman Law Group, PC

741 S. McHenry Ave., Suite A

Crystal Lake, IL 60014

Ph: 815-893-6800

wakemanlaw.net