When you are dealing with high value assets and sizable incomes, mistakes made during a divorce in Chicago can cost you a lot of money. Sometimes it is just a matter of not keeping together the right paperwork. If you are preparing to end your marriage, now is the time to make sure you have certain financial documents, even if you do not think you need them at the moment.
According to Nerdwallet, you want to keep records of the amounts paid for major assets and property you own, such as your primary house as well as other real estate you possess. You should also retain the earnings record of your spouse and projected benefits your spouse could derive in the future from Social Security. Along the way, you do not want to let one of your checking or savings accounts fall through the cracks; it is a wise move to retain account information and balances.
Gathering together these documents is important to keep your divorce on track, but they also can help you plan your financial future and eventual retirement. For example, if you were married at least ten years, you might be eligible to claim spousal Social Security benefits based upon the work record of your former spouse. You may also claim survivor benefits if your ex passes away. Keeping Social Security records helps prove that you are eligible for such benefits.
If you want to get these documents, it is best to attain them as early as possible. Years later, after the divorce is final and you have settled into your new life, you might need a copy of a certain document. However, your former spouse might have the best access to a copy or perhaps even the only copy. Your ex might not in the mood to provide you with the documents you want, or your former spouse may be unavailable for contact.
This article is written to provide general information on the topic of high asset divorce. Please do not interpret this information as legal advice.
