"If you can't explain it simply, you don't understand it well enough." - Albert Einstein.

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Who Gets The Tax Attributes In An Illinois Divorce?

By Russell Knight | December 26, 2020
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Tax Deductions In An Illinois DIvorce

For most people, tax issues are not a big issue in their Illinois divorce. After any remaining tax debts are allocated, the only issue is who declares the children on their taxes in which years. For the wealthy, taxes are both a burden and a strategic opportunity in a divorce. Individual assets carry certain tax attributes that can be preserved, lost or traded away in an Illinois divorce. If and…

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Country Clubs, Golf Clubs And Divorce In Illinois

By Russell Knight | December 25, 2020
Country Club Illinois Divorce

Most people’s divorces are quite financially, simple. The house gets sold, the proceeds divided, the 401ks and retirement accounts get QDRO’d, child support and alimony get calculated pursuant to the statute. Wealthy people’s divorces get a lot more complicated. The assets are usually more interesting: small businesses, stock options, dividends and jewelry. When it comes to dividing assets, a wealthy person’s divorce is a dissection of their achievements. What makes…

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Second Homes And Divorce In Illinois

By Russell Knight | December 24, 2020
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2nd home in Illinois divorce

As a married couple ages, they refinance their house and lower their mortgage payment, the kids leave the home and suddenly there’s extra income. Many couples take this opportunity to buy a second home. A second home allows a couple to spend the winters somewhere warm or the summers somewhere quiet. A married couple’s portfolio is diversified by having additional real estate in a different community.  All the while, they…

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How To Serve An Overseas Spouse In An Illinois Divorce

By Russell Knight | December 23, 2020
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Foreign Service Illinois Divorce

Married couples drift apart. Some married couples literally drift oceans apart to the point where they are no longer in the same country. When the member of the couple that is an Illinois resident files for divorce, that person needs to serve their overseas spouse in order in order for the Illinois court to have complete jurisdiction over the case. Serving someone overseas is not easy, however. In many countries,…

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Can My Spouse Search My Phone Or Computer In My Illinois Divorce?

By Russell Knight | December 19, 2020
privacy and divorce in Illinois

Our lives are documented by our computers. All of us carry a tiny computer on us or next to us 24 hours a day that we refer to by just one of it’s functions: a phone. What we did. Who we talked to. Where we were. It’s all there on our computers or (more likely) our phones. All this information can reveal things that are very relevant to an Illinois…

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