Logan Square Divorce Checklist: Small Business & First-Time Homeowner Edition

Small Business Documentation

Critical if You Own a Business

Compile business formation documents and ownership records

Why: Business interest acquired during marriage is marital property

Tip: Include LLC agreements, partnership documents, and shareholder agreements

Gather three years of business tax returns and financials

Why: Business valuation requires historical financial analysis

Tip: Include profit/loss statements, balance sheets, and cash flow records

Document sweat equity and each spouse's contribution

Why: Both spouses may have contributed labor or capital to business

Tip: Track hours worked, roles performed, and unpaid labor contributed

List key employees and contractor relationships

Why: Business value includes trained staff and established operations

Tip: Note any family members employed and their compensation

Document lease terms for business location

Why: Below-market leases on Milwaukee Avenue have substantial value

Tip: Transferability and renewal options affect business value

First Home Protection

Do This Week

Get current market appraisal

Why: Logan Square values have risen dramatically; equity may be substantial

Tip: 2015 purchase at $350K may be worth $650K+ today

Document down payment sources

Why: Non-marital contributions (gifts, pre-marital savings) may be traceable

Tip: Family gifts for down payment may remain non-marital if documented

Calculate renovation investments and current equity

Why: DIY renovations add value; document both cost and labor

Tip: Before/after photos and expense records support claims

Review mortgage and HELOC balances

Why: Outstanding debt reduces net equity available for division

Tip: HELOCs used for business may create allocation disputes

Document rental income if you have a two-flat

Why: Rental unit income affects both property value and support calculations

Tip: Include rent history, tenant information, and expense allocation

Craft Business Assets

If Applicable

Document brewery, distillery, or food business licenses

Why: Liquor licenses and food permits have independent value

Tip: License transferability affects business salability

Inventory production equipment and specialized assets

Why: Brewing equipment, kitchen buildout, and custom fixtures have value

Tip: Replacement cost vs. liquidation value may differ significantly

List distribution relationships and wholesale accounts

Why: Established distribution adds enterprise value

Tip: Document exclusive arrangements and volume commitments

Assess brand value and social media presence

Why: Instagram following and brand recognition contribute to valuation

Tip: Engagement metrics and press coverage support brand value claims

Mixed-Income Household

Complete Within Two Weeks

Document both spouses' income history

Why: Income disparity affects maintenance calculations

Tip: Include all sources: W-2, 1099, business distributions, side hustles

Track business vs. personal expense separation

Why: Mixed expenses are common in small business households

Tip: Clarify vehicle, phone, and home office allocations

List all debt obligations and who benefited

Why: Business debt vs. consumer debt may be allocated differently

Tip: Credit cards used for business inventory are business debt

Document any period where one spouse supported the other

Why: Career sacrifice for business launch affects maintenance

Tip: Track periods of uneven income contribution

Creative & Side Projects

If Applicable

List all freelance work and side income

Why: Gig income is still income for support purposes

Tip: Include DoorDash, Etsy, freelance design, music gigs, etc.

Document artistic equipment and inventory

Why: Musical instruments, art supplies, and inventory have value

Tip: Get appraisals for items worth over $1,000

Note any intellectual property created during marriage

Why: Music, art, and designs created during marriage may be marital

Tip: Include royalty streams and licensing potential

Children & Community Ties

If You Have Children

Document school and childcare arrangements

Why: Neighborhood schools and existing arrangements favor stability

Tip: Include after-school programs, summer camps, and extracurriculars

List family and community support network

Why: Nearby family providing childcare affects custody logistics

Tip: Grandparents, aunts, uncles in Logan Square matter for parenting time

Consider both parents' housing options in neighborhood

Why: Keeping children in same school district simplifies custody

Tip: Rental availability and affordability affect transition planning

Logan Square Divorce Checklist