Divorces can take years and there is always the possibility that a party in a divorce case may pass away during the divorce. This means the divorce will not be finalized and then the marital estate remains unsettled and undistributed. In Illinois, when a party in a divorce dies, the case is dismissed at the…
Life insurance is an insurance against a person’s life in that it pays out money upon the death of the person. People typically purchase life insurance to support their family if, God forbid, they are no longer able to support their family due to death. What happens if you get divorced? You probably no longer…
Social Security is the United States’ federal government’s system for making regular payments to people if they are disabled and/or elderly. People who are getting divorced and also receiving a social security benefit (or their spouse is receiving it) need to know how a divorce will impact that benefit. The law does not treat social…
When two people get divorced in Illinois, they follow the procedures of the Illinois Marriage And Dissolution of Marriage Act to determine what will happen to their assets and incomes upon entering the final judgment of dissolution of marriage. In lieu of following the requirements of the Illinois Marriage and Dissolution of Marriage Act the…
The financial aspects of a Chicago, Illinois divorce are determined by two factors: 1) the assets of the parties and 2) the incomes of the parties. When one of the parties retires or prepares for retirement a significant change will happen to their income and even their assets as they begin to draw them down.…
Often divorce clients first questions are “should I move out? If I move out won’t I be accused of abandoning the family or relinquishing my claims to the marital home?” In regards to children, parenting time and custody issues, moving out is a strategic decision that must be handled carefully. Especially with the disparities between…
In Illinois there is a great deal of law as to what makes a marriage valid. 750 ILCS 200 et al. A marriage license must be applied for, a marriage must be solemnized and the marriage license must be recorded appropriately. It is exceptionally rare for a marriage conducted in Illinois to have its marriage…
Often, during the pendency of a divorce the couple find themselves supporting two households and trying to maintain the standard of living for both of the households while having just one income. In the absence of assets to live off, typically, this means the lower-earning spouse is relying on support from family. This support may…
Before the new tax law was passed by Congress and signed into law by the president on December 20, 2017, 26 U.S. Code Section 71(a) read “Gross income includes amounts received as alimony or separate maintenance payments” which mean that the alimony or spousal maintenance receiver was the person who paid taxes on the alimony or…
