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Four Types of Personal Documents You Need for Your DivorceYou and your divorce attorney will spend much of the process going over your finances to determine how you will divide them with your spouse. Your attorney needs official documentation to have accurate financial information and know if your spouse is telling the truth during negotiations. While your attorney is skilled at finding these documents, you can save yourself time and legal expense by providing them yourself. You can anticipate that your attorney will need several documents during your initial meetings about your divorce:

  1. Proof of Income: How much money you and your spouse make will determine the division of child support and whether spousal maintenance will be awarded. Copies of your and your spouse’s recent check stubs will show your regular pay and how much money you have earned this year. Recent income tax returns will give a larger picture for the last several years. You may need other financial records if you or your spouse are self-employed, such as check registers and bank statements.
  2. Financial Statements: Speaking of bank statements, you will need statements showing the current balances of financial accounts, both shared and individual. You will divide the money from your joint checking and savings accounts, as well as any joint investments, such as mutual funds, stocks, and bonds. Individual investments, such as retirement accounts, can be subject to division if they were accrued during your marriage. It is also wise to know your spouse’s non-marital financial assets, which are part of their total worth.
  3. Property Records: You should have the contracts for any major properties you purchased during your marriage, such as the deed to your home and the titles of your vehicles. You should also present any statements related to loan payments on these properties, such as your mortgage. These records will help your attorney determine the actual value of these properties and whether one of you has a stronger claim to a property.
  4. Debt Statements: Spouses divide their debts during their divorce, just as they divide their assets. Besides the previously mentioned property loan statements, you should present statements for any other debts, such as credit cards, medical bills, or bank loans.

Contact a McHenry County Divorce Lawyer

Providing all of these documents will give your attorney a head start in preparing for your divorce. At Botto Gilbert Lancaster, PC, we know that the search for financial information does not stop there. A Crystal Lake, Illinois, divorce attorney will thoroughly search for any hidden or overlooked assets from your marriage. Schedule a free consultation by calling 815-338-3838.

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A Prenuptial Agreement Can Protect Your Business During DivorceBusiness owners must prioritize securing their business and its assets during a divorce. In most cases, a business is a marital property that is included during the division of property. Business owners are unlikely to split ownership with a divorcing spouse who did not own or help run the business during their marriage. However, the two sides may dispute the value of the business and how much the other spouse should receive to offset that value. As a business owner, you can plan ahead to protect your business during a potential divorce by including it in a prenuptial or postnuptial agreement.

Why Is Your Business a Marital Property?

Spouses normally differentiate between marital and nonmarital properties based on whether one of them purchased the property before their marriage. However, a business predating a marriage is not enough evidence to make it a nonmarital property:

  • You may have invested marital money into your business; 
  • Your business may be the primary source of income in your marriage; and
  • Your spouse may have sacrificed part of his or her career to allow you to focus on your business.

Your spouse can claim that the amount that your business increased in value during your marriage is marital property.

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Posted on in Family Law

McHenry County divorce attorney, property division in Illinois, property division, marital property, non-marital property, retirement accounts and divorce, joint bank account, equitable distributionWho gets the house? Which one of us can keep the car? What will happen to my retirement account?

These sorts of questions are often some of the first on the minds of those contemplating divorce. Property division is one of the most important parts of the divorce process, and it is often surrounded by several myths and rumors. However, much of the property division process is centered around two questions: “What gets divided?” and, “How does it get divided?”

What Gets Divided?

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