West Loop Divorce Checklist: Restaurant & Tech Founder Edition

Restaurant & Hospitality Business Documentation

Critical for Business Owners

Gather 3-5 years of business tax returns (1120, 1120S, or 1065)

Why: Establishes historical profitability for valuation

Tip: Include all entities—management company, real estate LLC, each location

Document liquor license ownership and value

Why: Chicago liquor licenses can be worth $50K-$400K standalone

Tip: Check renewal status and any pending violations

Compile lease agreements for all locations

Why: Below-market leases add value; expiring leases reduce it

Tip: Note personal guarantees you've signed

List all partnership/operating agreement provisions

Why: Many have buy-sell triggers upon divorce

Tip: Check if spouse has any ownership interest documented

Document key employee agreements and non-competes

Why: Executive chef departure can devastate restaurant value

Tip: List any informal equity or bonus arrangements

Gather point-of-sale reports and bank deposit records

Why: Forensic accountants compare these to verify reported income

Tip: Export data before spouse changes system access

Tech Startup & Equity Compensation

Do This Week

Download all stock option grant agreements

Why: Vesting schedules determine marital vs. separate property

Tip: Check Carta, Shareworks, or E*Trade for equity portal

Document current 409A valuation and cap table

Why: Establishes fair market value for unvested shares

Tip: Request latest 409A from CFO or legal

List all RSU grants with vesting schedules

Why: Unvested RSUs are marital property under coverture fraction

Tip: Calculate shares vesting in next 4 years

Document any SAFEs or convertible notes you hold

Why: Angel investments in startups are marital property

Tip: Check email for investment confirmations

Screenshot Google/major employer equity portal

Why: Fulton Market Google employees have significant RSU packages

Tip: Note tax withholding elections and vesting dates

List any side projects or consulting equity

Why: Advisor shares and side-hustle equity count too

Tip: Include 1871 or incubator company involvement

West Loop Real Estate Documentation

High-Value Asset Protection

Obtain recent condo association financials and reserve study

Why: Loft conversions often have deferred maintenance assessments

Tip: Check for upcoming facade, elevator, or HVAC projects

Document parking space ownership separately

Why: West Loop deeded parking adds $40K-$75K to value

Tip: Often titled separately—verify on deed

Get current building comparable sales (last 6 months)

Why: West Loop values fluctuate; recent sales matter

Tip: Ask your realtor for MLS data, not Zillow estimates

Document all renovation expenditures with receipts

Why: Custom build-outs may be marital improvement credits

Tip: Check email for contractor invoices and permits

Review rental restriction policies

Why: Affects buyout options if one spouse wants to keep unit

Tip: Some buildings limit Airbnb and long-term rentals

Check for any liens or assessments on property

Why: Outstanding amounts affect net equity calculation

Tip: Run title search or check with building management

Cryptocurrency & Digital Assets

Often Hidden—Act Fast

Document all known crypto exchange accounts (Coinbase, Kraken, Gemini)

Why: Exchange accounts generate 1099s—traceable

Tip: Check email for exchange correspondence

Identify any hardware wallets (Ledger, Trezor)

Why: Cold storage often used to hide assets

Tip: Check home office, safe deposit boxes

Screenshot DeFi positions (Uniswap, Aave, staking)

Why: On-chain assets don't appear on traditional statements

Tip: Check browser bookmarks for DeFi sites

List any NFT holdings and marketplace accounts

Why: NFT art can have significant value

Tip: Check OpenSea, Foundation, Blur connected wallets

Document mining income or staking rewards

Why: Ongoing crypto income affects support calculations

Tip: Check tax returns for Schedule 1 or Schedule C crypto

Financial Account Baseline

Do This Week

Screenshot all bank and brokerage account balances

Why: Establishes baseline before potential dissipation

Tip: Use phone screen recording for scrolling statements

Download 3 years of tax returns from IRS.gov

Why: Spouse may control accountant—get your own copies

Tip: Create IRS account at irs.gov/account

Pull credit reports from all three bureaus

Why: Reveals unknown accounts and debts

Tip: Free at annualcreditreport.com

Document all credit card statements and limits

Why: Spending patterns and hidden cards emerge here

Tip: Check for business cards with personal guarantees

List all insurance policies (life, disability, umbrella)

Why: Cash values and beneficiaries are marital property issues

Tip: Check employee benefits portal for group policies

Privacy & Digital Security

Protect Yourself Now

Change passwords on all personal and business accounts

Why: Shared devices often have saved passwords

Tip: Use password manager; enable 2FA everywhere

Review shared cloud accounts (iCloud, Google Drive)

Why: Business documents may be accessible to spouse

Tip: Create new accounts for sensitive business data

Check for location tracking (Find My, AirTags, Life360)

Why: Common surveillance tools in contentious divorces

Tip: iPhone: Settings > Privacy > Location Services

Audit who has access to business accounts and systems

Why: Spouse may have admin access from helping with business

Tip: Check POS systems, accounting software, email

Secure business banking with new credentials

Why: Joint signers can drain accounts

Tip: Consider requiring dual signatures for large transfers

West Loop Divorce Checklist