You need to get your financial documents in order before filing for divorce. Once your spouse knows you’re filing, everything changes. Banks freeze accounts, passwords get changed overnight, and paper statements vanish from the filing cabinet. The time to gather everything is while you still have unrestricted access.
Why Documentation Matters In Illinois Divorce
Illinois law requires full financial disclosure from both spouses. The court can’t divide property fairly without seeing the complete picture of your marital estate. When documents go missing, delays pile up, legal costs climb, and your negotiating position weakens. If your spouse controls most of the financial records, you’re already behind before the process starts. A Chicago Complex Divorce Lawyer will tell you that preparation separates smooth divorces from prolonged battles. Financial documentation forms the foundation of property division, spousal maintenance calculations, and child support determinations. You can’t argue for what’s fair if you don’t have proof of what exists.
Tax Returns And Income Verification
Start with tax returns. You’ll need at least three years of federal and state returns, including all schedules and attachments. These documents verify income, reveal business interests, and show investment activity your spouse might’ve forgotten to mention. Don’t just grab those 1040 forms. Get everything from W-2s to K-1s and 1099s. If either of you owns a business or receives self-employment income, tax returns become even more important. They show profit patterns, deductions claimed, and business valuation information that directly affects property division. Self-employed spouses sometimes underreport income on paper while maintaining expensive lifestyles. Tax returns help prove the disconnect.
Bank And Investment Accounts
Gather statements for all checking, savings, and money market accounts from the past 12 months. This includes accounts in your name, your spouse’s name, and any joint accounts. Look for unusual patterns. Large transfers. Unexplained withdrawals. New accounts you didn’t know existed. Investment accounts need the same attention:
- Brokerage statements showing stock, bond, and mutual fund holdings
- Retirement account statements for 401(k)s, IRAs, and pension plans
- Stock option agreements and vesting schedules
- Cryptocurrency wallet records and transaction histories
That old savings account from before marriage? It still matters. The 529 college fund for the kids? That’s part of the equation too. Don’t skip accounts just because you haven’t checked them in years.
Property And Debt Documentation
Real estate records prove ownership and value. Collect deeds, mortgage statements, property tax bills, and recent appraisals for your home and any investment properties. If you refinanced in recent years, get those documents as well. Refinancing paperwork shows when equity was pulled out and where that money went. Credit card statements from the past year reveal marital spending patterns. They can also uncover hidden purchases or cash advances your spouse took without telling you. Loan documents for vehicles, personal loans, and lines of credit establish the debt side of your marital balance sheet. Nobody likes discovering debt they didn’t know about, but it’s better to find out now than during court proceedings.
Business And Employment Records
When either spouse owns a business, documentation gets complicated fast. You need business tax returns, profit and loss statements, balance sheets, and partnership or operating agreements. Business valuations require detailed financial records, and a Chicago Complex Divorce Lawyer often brings in forensic accountants for complex business interests. Employment contracts matter too. So do offer letters and bonus structures. These documents establish earning capacity, which directly affects both spousal maintenance and child support calculations. Your spouse might claim they can’t afford support payments, but their employment contract tells a different story.
Insurance And Benefits Information
Life insurance policies, health insurance cards, and disability coverage all play roles in divorce settlements. Get declarations pages showing coverage amounts, beneficiaries, and cash values for whole life policies. Benefits summaries from employers show retirement contributions and stock options that count as marital assets. Check who’s listed as beneficiary on every policy. You’d be surprised how often that becomes an issue.
Protecting Your Documentation
Make copies of everything. Store one set outside your home. A trusted family member can hold onto documents for you. A safety deposit box that your spouse doesn’t access works too. Digital copies on a secure cloud account provide backup if paper documents disappear or are destroyed. Never remove original documents from your home or office in ways that could be considered theft. Photographing documents you both own is perfectly legal. Taking your spouse’s personal papers from their office isn’t. There’s a line between gathering information and crossing into illegal territory. Stay on the right side of it.
Taking The Next Step
Gathering financial records takes time. Sometimes weeks. But it’s time well spent because the documentation you collect now shapes every aspect of your divorce. Property division, support obligations, asset protection. All of it depends on having complete, accurate financial information. Merel Family Law works with clients to analyze financial documentation and build strong cases based on what the numbers actually show. Getting organized today means better outcomes when you’re ready to file.
