Formaldehyde-infused clothing in the dryer.......what could possibly go wrong?

So I bought a pair of new pants and it has an intense chemical odor, like formaldehyde (which I understand is used in wrinkle-free clothing.)

When washed and then put in a dryer, what could/would the heat do to that formaldehyde? It's bad enough as is, but as I understand it, heat causes formaldehyde to split into carbon dioxide and carbon monoxide.

What other..........noxious stuff gets released during the heating/drying process? (asking our DU chemists........)