South Loop Downtown Professional Divorce Checklist: High-Rise Condo & Loop Career Edition

High-Rise Condo Division

Critical First Week

Get current condo appraisal from downtown-experienced appraiser

Why: South Loop values vary dramatically by building, floor, and view

Tip: Lake views command premiums; west-facing units may be discounted

Review HOA documents and special assessment history

Why: Pending assessments reduce net equity; reserve fund health matters

Tip: Request reserve study and recent board meeting minutes

Document parking space ownership and value

Why: Deeded parking spaces are separate assets worth $40K-$100K in South Loop

Tip: Separate from condo; may be sold or retained independently

Review storage unit allocation and value

Why: Deeded storage lockers have value; monthly rental has cost

Tip: Storage is scarce in high-rises; may affect condo marketability

Calculate buyout feasibility for retaining spouse

Why: One spouse keeping condo requires refinancing and paying equity

Tip: Debt-to-income ratios in expensive buildings can be challenging

Downtown Professional Compensation

Complete This Week

Document complete compensation package

Why: Base salary is often only 60-70% of total compensation

Tip: Include bonus, equity, benefits, 401(k) match, and profit sharing

Compile bonus history for past 3-5 years

Why: Courts average variable compensation; one year is insufficient

Tip: Include discretionary bonuses, performance bonuses, and spot awards

List all equity compensation with vesting schedules

Why: RSUs, options, and ESPP have marital components requiring allocation

Tip: Unvested equity earned during marriage is typically marital

Document deferred compensation arrangements

Why: Executive deferred comp can be worth hundreds of thousands

Tip: Include payout elections and any in-service distribution options

List signing bonuses and repayment obligations

Why: Recent signing bonus may have clawback if employment ends

Tip: Repayment obligations are marital debt if job changes during divorce

Commuter Lifestyle Assets

Document This Week

Document transit benefits and commuter accounts

Why: Pre-tax commuter benefits have value; affect budget projections

Tip: Include Ventra, Divvy, and any employer-subsidized transit

List vehicles and parking arrangements

Why: Many South Loop couples are one-car or car-free; affects logistics

Tip: Zipcar, I-GO, and car-share memberships may need allocation

Consider work-from-home vs. office arrangements

Why: Hybrid work affects space needs and housing decisions

Tip: Home office needs may justify larger post-divorce residence

Cultural & Lifestyle Assets

If Applicable

Document museum memberships and donor levels

Why: High-level memberships at Art Institute, Field Museum have value

Tip: Donor levels may include transferable benefits or recognition

List season subscriptions and cultural memberships

Why: CSO, Lyric, theater subscriptions represent lifestyle and value

Tip: Priority seating and renewal rights have value beyond ticket cost

Inventory art and collectibles in residence

Why: South Loop professionals often have significant art collections

Tip: Get appraisals for items valued over $2,500

Document wine collections and storage

Why: Climate-controlled wine storage and collections have value

Tip: Professional appraisal for collections over 100 bottles

Dual-Income Downtown Finances

Complete Within Two Weeks

Map all financial accounts and investment holdings

Why: Downtown professionals often have complex investment portfolios

Tip: Include brokerage accounts, stock plans, and alternative investments

Document 401(k), IRA, and retirement account balances

Why: Retirement assets are often the largest marital asset class

Tip: Roth vs. traditional has different after-tax values

List all insurance policies: life, disability, umbrella

Why: Insurance represents both protection and potential value

Tip: Whole life policies have cash value; term does not

Calculate true monthly lifestyle cost

Why: South Loop living costs more than suburbs; budget must reflect reality

Tip: Include HOA, parking, dining, and urban lifestyle costs

Post-Divorce Housing Options

Plan Ahead

Research rental availability in neighborhood

Why: Understanding market helps negotiate realistic division

Tip: South Loop 2BRs rent $2,500-4,000; affects temporary housing costs

Consider proximity needs for shared custody

Why: Both parents near schools and activities simplifies logistics

Tip: South Loop density means both parents can remain nearby

Calculate affordability for each spouse to remain

Why: Not everyone can afford to stay in South Loop post-divorce

Tip: Run mortgage qualification scenarios for various price points

Consider work proximity in housing decisions

Why: Loop commute convenience was a primary reason for location choice

Tip: Moving to suburbs adds commute cost and time; factor into decisions

South Loop Downtown Professional Divorce Checklist