There’s rarely anything easy about dissolving a years-long marriage. Even the most amicable divorce in Illinois can be stressful and complicated. Careful preparation is the best way to get through these proceedings in the most efficient manner possible. Before formal divorce proceedings get underway, it is a good idea to have the proper financial documentation ready ahead of time. Here are a few financial documents to gather before a divorce.
Assets and income documentation
Both spouses must provide detailed information regarding their income and assets during the discovery phase of a divorce. This information is typically used to determine child support and alimony, if applicable. Documents to collect include pay stubs, proof of employment, bank statements and brokerage accounts. All assets that were accumulated during the marriage or brought into the marriage individually must be disclosed in order to determine what needs to be divided between the parties.
Debt is also divided in most divorces. However, the process of dividing debt depends on what type of debt it is. Gather and organize documents that show proof of any outstanding debts. These typically include credit card statements, personal loan information, mortgages, property liens and tax obligations.
Help with the divorce process
Most of the time, the more complex a couple’s financial situation is, the longer their divorce will take to complete. A divorce can also take much longer to settle if children are involved or spouses are uncooperative. Anyone in Illinois who is headed for divorce or has questions about the divorce process has every right to sit down with a legal professional. An experienced family law attorney can help individuals achieve the best possible outcome relative to their specific situation.