Old Town Divorce Checklist: Established Families & Historic Properties

Historic Property Documentation

Critical for Old Town Properties

Obtain specialized historic property appraisal

Why: Standard appraisers miss landmark premiums and restrictions

Tip: Use appraiser experienced with Old Town Triangle district

Document all renovation and restoration expenditures

Why: Historic restoration investments may be reimbursable

Tip: Check for tax credits claimed—creates paper trail

Review landmark designation restrictions

Why: Affects renovation options and property value

Tip: Check with Chicago Landmarks Commission for your address

Gather original purchase documents and title history

Why: Pre-marital ownership portion may be non-marital

Tip: Title company can provide historical records

Document pre-marital vs. marital mortgage payments

Why: Separate property can become commingled over decades

Tip: Gather all refinancing documents showing payoff amounts

List all personal property in the home with provenance

Why: Antiques and heirlooms may have separate property arguments

Tip: Photograph everything; note inheritance or gift origins

Entertainment & Creative Industry

If Applicable to Your Career

Document all royalty and residual income streams

Why: Ongoing payments from past work are marital property

Tip: Check SAG-AFTRA, ASCAP/BMI, and publisher statements

List all intellectual property created during marriage

Why: Scripts, songs, books have value beyond current income

Tip: Include works in development, not just produced

Gather union pension and benefit statements

Why: SAG-AFTRA, Actors Equity pensions are divisible

Tip: Request benefit estimate from union directly

Document irregular income over 3-5 years

Why: Courts average creative income; one year is misleading

Tip: Show range from worst to best years

List all agent, manager, and representation agreements

Why: Commission obligations affect net income calculations

Tip: Include any pending deals or options

Long-Term Marriage Retirement Planning

Marriages 15+ Years

Obtain Social Security benefit estimates for both spouses

Why: Ex-spouse benefits available after 10+ year marriages

Tip: Create account at ssa.gov for estimates

Document all pension plans with survivor benefit options

Why: Pension division requires QDRO; survivor benefits critical

Tip: Request plan summary and benefit projections

List all 401(k), IRA, and deferred compensation balances

Why: Retirement accounts are typically 50/50 marital property

Tip: Include employer match and vesting schedules

Document any deferred compensation or SERP plans

Why: Executive comp often includes unvested deferred amounts

Tip: Check employment agreements for non-qualified plans

Review healthcare coverage and COBRA costs

Why: Losing spouse's insurance is major expense

Tip: Get quotes for individual coverage; factor into settlement

Document Medicare eligibility timeline

Why: For divorces near age 65, Medicare timing matters

Tip: Consider settlement timing relative to coverage gaps

Executive Compensation Analysis

For Corporate Executives

Gather all employment agreements and amendments

Why: Defines compensation elements and change-of-control provisions

Tip: Include any side letters or verbal understandings documented in email

Document base salary, bonus structure, and metrics

Why: Variable comp requires analysis of likely future payouts

Tip: Get 3-5 years of actual bonus payouts vs. targets

List all stock options, RSUs, and equity awards

Why: Unvested equity is marital property under coverture

Tip: Include grant dates, vesting schedules, and exercise prices

Document any golden parachute or severance provisions

Why: Future payouts may be marital property if earned during marriage

Tip: Check for accelerated vesting on change-of-control

Gather country club, car allowance, and perquisite details

Why: Non-cash compensation affects lifestyle and support calculations

Tip: Include all employer-provided benefits

Small Business & Professional Practice

If You Own a Business

Compile 3-5 years of business tax returns

Why: Historical earnings drive valuation multiples

Tip: Include all related entities and management companies

Document all buy-sell agreement provisions

Why: Often triggered by divorce; may set valuation method

Tip: Check if spouse must be offered buyout first

List all client/customer relationships and contracts

Why: Recurring revenue and key accounts affect value

Tip: Note which relationships are personal vs. institutional

Separate personal goodwill from enterprise value

Why: Personal goodwill may be non-marital in Illinois

Tip: Document that clients follow you, not the business

Gather accounts receivable aging and work-in-progress

Why: Unbilled work is a business asset

Tip: Professional practices often have significant WIP

Financial Baseline & Protection

Do This Week

Screenshot all financial account balances

Why: Establishes baseline before potential dissipation

Tip: Include accounts you don't actively manage

Download 3 years of tax returns from IRS.gov

Why: Ensure you have independent access to tax records

Tip: Create account at irs.gov/account

List all life insurance policies and beneficiaries

Why: Cash value is marital; beneficiary changes may be restricted

Tip: Include employer-provided and personal policies

Document all real estate holdings with current values

Why: Vacation homes, investment properties need appraisals

Tip: Include timeshares and fractional ownership

Review estate planning documents

Why: Wills and trusts may need immediate revision

Tip: Note any irrevocable trusts established during marriage

Privacy & Discretion

Protect Your Reputation

Change passwords on all personal accounts

Why: Decades of shared access creates vulnerabilities

Tip: Use new email for attorney communications

Identify potential sealed filing needs

Why: Executive compensation and business details may warrant protection

Tip: Discuss with attorney before filing

Consider timing relative to business events

Why: Board meetings, deal closings may be affected

Tip: Coordinate with attorney on strategic timing

Review social media presence and privacy settings

Why: Posts become evidence; connections create gossip

Tip: Lock down or suspend accounts during proceedings

Identify trusted advisors for support

Why: Long-term marriages affect entire social circles

Tip: Therapist, financial advisor, close friends who will maintain confidence

Old Town Divorce Checklist

Jonathan D. Steele