Creating a Financial Checklist for Your Illinois Divorce

 Posted on February 21,2022 in Illinois Divorce

The decision to file for a divorce from your spouse can be a difficult process. Most couples try to make their marriage work by seeking out help from professional experts, implementing new communication strategies or attempting alone-time during a separation. However, if a marriage is no longer healthy or suitable for a couple, the spouses may decide it is time to file for a divorce. Despite media portrayals, divorces can be an easy process if the decisions are uncontested. It is in both spouses’ best interests to create a divorce checklist prior to filing for a divorce to make the process easy and fast for everyone involved.

What Does the Divorce Process Look Like in Illinois?

Divorces in Illinois are no-fault divorces, meaning that there is no at-fault party. So, even if your spouse was unfaithful or unpleasant during your marriage, this information is not seen as relevant when creating a divorce decree. Instead of gathering documents and proof of infidelity, mistreatment, or misunderstanding between you and your partner, it would be much more time-efficient to begin gathering all of the required documentation needed for a swift, amicable divorce.

Creating Your Checklist

The state of Illinois requires certain financial and legal documents to move forward during a divorce. In an effort to prepare, both parties should begin to gather the following information and documents:

• A few recent pay stubs to establish both spouse’s financial health
• Monthly utility bills including electricity, heat, and water
• Recent copies of your individual loan statements and debt history
• Medical expense bills
• Insurance bills, including health, car, and home insurance (especially if these are joint between the two spouses)
• A list of expenses for shared children including school, medical, clothing, and other costs
• Copies of saving account statements
• A list of investment and stock history
• Mortgage and loan statements
• A copy of any life insurance policies for either of your or your children
• Joint retirement, business, or insurance plans
• The last three years of your tax returns

All of this information could be necessary to help divide you and your spouse's joint assets, create a spousal support plan, child support plan or any other element of the divorce decree. This process could be confusing, so it is recommended to hire a divorce attorney to help you gather all of these documents and ensure that they are correct and up to legal standards. Having an attorney present is also helpful if you and your spouse disagree about any of the decisions being made in your divorce agreement. Attorneys can help mediate, and in severe cases, litigate to help ensure equal division during a divorce.

Talk With a St. Charles Divorce Lawyer

If you are preparing to file for a divorce, Weiler & Associates, Inc. can help you. Our St. Charles divorce attorneys have years of experience helping couples prepare and proceed through a divorce. To schedule a consultation with our office, you are invited to call today at 630-331-9110.

Sources:

https://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2086&ChapterID=59

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+IV&ActID=2086&ChapterID=59&SeqStart=3900000&SeqEnd=5400000

https://www.ilga.gov/legislation/ilcs/ilcs3.asp?ChapterID=59&ActID=2086