Wicker Park Creative Professional Divorce Checklist: Artistic Assets & Creative Business Edition

Creative Business Valuation

Critical First Week

Document all business income streams and client relationships

Why: Creative businesses often have personal goodwill that may not be divisible

Tip: Distinguish recurring clients from one-time projects

Compile freelance contracts and outstanding invoices

Why: Accounts receivable are marital assets; project pipeline affects income

Tip: Include retainer agreements and recurring service contracts

Inventory all professional equipment and tools

Why: Camera gear, instruments, design equipment have significant value

Tip: Keep receipts and depreciation schedules; get appraisals for high-value items

Document intellectual property and licensing agreements

Why: Designs, compositions, and artwork created during marriage may be marital

Tip: Include royalty streams, licensing deals, and syndication agreements

List gallery representation and consignment arrangements

Why: Gallery relationships and consigned inventory affect business value

Tip: Document commission structures and sales history

Artistic Asset Documentation

Do This Week

Catalog personal art collection with provenance

Why: Art acquired during marriage is marital property requiring valuation

Tip: Photograph each piece; include purchase records and certificates of authenticity

Get appraisals for significant artworks

Why: Insurance values often differ from fair market value

Tip: Use ASA-certified appraisers for pieces valued over $5,000

Document your own body of work and sales history

Why: Artist's portfolio has both inventory value and goodwill implications

Tip: Include sold works, pricing history, and gallery sales records

List musical instruments and studio equipment

Why: Professional instruments and recording gear can be worth tens of thousands

Tip: Vintage guitars, analog equipment, and rare instruments need specialized appraisal

Inventory rare books, vinyl collections, and collectibles

Why: Curated collections have value beyond individual item pricing

Tip: Discogs, Rare Book Hub can help establish market values

Irregular Income Documentation

Complete Within Two Weeks

Compile 3-5 years of tax returns showing income patterns

Why: Creative income fluctuates; courts average multiple years

Tip: Include Schedule C, 1099s, and any K-1s from business partnerships

Document all income sources: teaching, commissions, licensing

Why: Multiple revenue streams complicate but strengthen income picture

Tip: Include adjunct teaching, workshops, speaking fees, and passive income

Track project pipeline and expected future income

Why: Pending commissions and contracts affect current valuation

Tip: Include signed contracts, letters of intent, and serious negotiations

Separate business expenses from personal spending

Why: Mixed-use expenses (home studio, vehicle) require allocation

Tip: Be prepared to justify business use percentages

Document any grants, residencies, or fellowship income

Why: Arts funding may be irregular but represents earning capacity

Tip: Include pending applications and their potential value

Vintage Property Considerations

If You Own Property

Get specialized appraisal for vintage or historic property

Why: Wicker Park greystones and workers cottages need local expertise

Tip: Standard comparable analysis may undervalue historic features

Document renovations and restoration work

Why: Sweat equity in restored homes affects division

Tip: Period-appropriate restoration adds more value than generic updates

Review live/work space arrangements

Why: Mixed-use properties create complex business vs. residence allocation

Tip: Document percentage of space used for business purposes

Check for any landmark or historic district restrictions

Why: Designation affects value, renovation options, and marketability

Tip: Restrictions can both limit and enhance property value

Boutique Business Assets

If You Own a Retail/Studio Space

Document lease terms and any transferability restrictions

Why: Prime Wicker Park retail leases have independent value

Tip: Below-market leases signed years ago may be worth significant money

Inventory retail stock and work-in-progress

Why: Inventory is marital asset; valuation method matters

Tip: Cost vs. retail value can differ significantly

List key employees and contractor relationships

Why: Business value includes trained staff and established relationships

Tip: Non-compete and non-solicitation provisions affect transition

Document social media following and brand value

Why: Instagram presence and email lists have measurable value

Tip: Engagement rates, follower counts, and conversion metrics matter

Social Network & Professional Relationships

Consider Carefully

Identify mutual professional contacts and clients

Why: Creative community connections affect both parties post-divorce

Tip: Consider non-solicitation of shared professional relationships

Document collaborative work and joint credits

Why: Shared creative work may need attribution agreements

Tip: Music credits, co-designed projects, and collaborations need clarity

Address shared studio or workspace arrangements

Why: Continued use of shared space may not be viable post-divorce

Tip: Consider transition period for studio separation

Wicker Park Creative Professional Divorce Checklist