If you live in the Chicago area and are planning on filing for a divorce, or you anticipate that your spouse is going to file, it is advisable to consult with a Chicago divorce attorney to determine what financial records you will need to have in order so that a divorce settlement can be reached. Your attorney can review your case and help you to determine what receipts, bills, and other documentation might be necessary to support your financial affidavit. In some cases, a divorce can require as much, if not more, financial information as a tax audit.
In most Chicago divorce cases, the courts require each spouse to file an affidavit that states income and expenses on a monthly basis, as well as any debts or assets. Assets and debts held in common, as well as any that are individually held, must be listed. In addition to these records, it is usually necessary to provide tax returns for three years prior to the divorce. These records should include any schedules and other attachments regardless of whether you filed jointly or separately. If either spouse owned a business or if both own a business together, similar business records must be compiled.
In some instances, a spouse may conduct discovery during the divorce proceedings. Discovery requires the production of even more information than is normally required in a divorce. The request for discovery will detail specifically what information is being asked for, but it often includes credit card statements, bank statements, and other financial records for the three years preceding the divorce petition. Your attorney will be able to advise you as to what information is required, what is being asked for in discovery, and what information need not be provided either because it is not required by the divorce courts or because it was not specifically asked for by the opposing attorney representing your spouse.
Obviously, amidst all of the compiling of information, responding to discovery requests, and perhaps initiating your own discovery inquiry, there are legal considerations and implications that you will not want to overlook. That is why it is essential to have an experienced and knowledgeable Chicago divorce attorney at your side during every step in the process. Your attorney can help to ensure that your interests are upheld and that you reach a settlement that is fair.
Amassing financial information to submit to the Chicago courts during divorce proceedings can be a Herculean task, and it is one that no one looks forward to. However, the task as well as the repercussions can be made more bearable with the help of an expert Chicago divorce attorney to assist with all aspects of your impending divorce.
If you’re considering a divorce and need the services of a Chicago divorce attorney, consult Solutions First. Robin Becker started Solutions First in 1998 in a small office in Downtown Chicago, and the firm has grown from one office to multiple offices serving Schaumburg, Lincolnshire and the entire Chicago area, providing business and divorce litigation as well as mediation legal services. Contact Solutions First at (312) 386-1467, email email@example.com, or visit www.solfirst.com.
Divorce Court Can Be Worse Than an IRS Audit