Documents You'll Need as You Prep for Your Divorce

Financial statements

If you run your own business, or if you and your spouse are co-owners, you’ll need to show the financial health of your business. This means you’ll need to bring your income statements, balance sheets, statement of cash flows, and so on. Even if your spouse doesn’t work for the business, they may be entitled to some of the business’s assets—and vice versa.

Debts

So far, you have all your documents that show your earnings. However, you also need to show what you owe. This can include things such as car payments, properties (more on that below), student loans, credit cards, and more. You don’t want your spouse’s debts to burden you, and they don’t want your debt, either. Luckily, the law is rather fair in this scenario. In Illinois, the division of debts depends heavily on two factors: first, who was most responsible for incurring the debt; and second, when the debt was taken on. If your spouse took on a car payment they couldn’t afford before the marriage, then they’re going to be mostly––if not entirely responsible—for the debt.

Property documents

You’re going to need plenty of documents that show ownership of property. This includes but is not limited to your mortgage, car payments, secondary dwellings, boats, and so on. The division of property assets can get messy, so you’ll have to work closely with an attorney to find out what you're actually entitled to. Don’t assume you’re entitled to all the pieces of property you share with your spouse.

Documents for your children

If you and your spouse have children who still depend on you, you’re going to need a few additional documents. Some of the items you must show include your children’s bank accounts, school information, and the costs of extracurricular activities such as sports and music or dance lessons. You’ll also need to bring basic documents such as birth certificates, passports, and so on.

Other assets

Once you get past all the macro-assets and debts, you want to begin looking at anything else you own that’s valuable. This could include musical instruments, artwork, furniture, jewelry, antiques, season tickets to sports games, and so on. A lot of people attach significant sentimental value to personal items such as these, but they may also count as financial assets.

If you take the time to prepare before the divorce officially begins, you’ll have a much smoother experience. Plus, you’ll have a buffer to work with, since some documents can take anywhere from a few days to weeks to obtain if you don’t have them on hand. Of course, if you’re stuck or confused at any point in the process, you should reach out to your attorney. They’re working on your behalf, and they’re there to support you throughout the divorce. Additionally, you may need more or less of the documents mentioned, depending on the type of divorce you choose. For instance, collaborative divorces or mediation are simpler than going to court.

At Schiller DuCanto & Fleck, we value integrity and giving our clients our best in every case. We hold ourselves to the highest standard and always work on improving our processes through training and education. Whether you’re looking for an attorney for a collaborative divorce, mediation, marital settlement and separation, or prenuptial or postnuptial agreement in Chicago, Schiller DuCanto & Fleck is ready to serve you. Contact us today for more information.