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Dissipation Of Assets In An Illinois Divorce

By Russell Knight | February 21, 2021
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Wasted Money In A Divorce

While adultery and betrayal can be central to any divorce, there seems to be no greater betrayal than financial betrayal. Illinois, while being a no-fault state for divorce, does recognize financial betrayal and takes strict accounting of extreme financial malfeasance…

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What Happens To A Tax Refund In An Illinois Divorce?

By Russell Knight | February 7, 2021
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Tax Refund

Tax refunds can be afterthought in an Illinois divorce. Maintenance, child support and the division of assets and debts will dwarf the money the at the U.S. government owes one or both parties to an Illinois divorce. Still, money is…

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What is a QILDRO in an Illinois Divorce?

By Russell Knight | January 22, 2021
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QILDRO Divorce

There are so many acronyms in Illinois family law: HFS, MSA, OC, QDRO, QILDRO. It’s hard to keep track of terms that are only relevant in an Illinois divorce…while you’re in the middle of an Illinois divorce. What is a…

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Flexible Spending Accounts And Divorce In Illinois

By Russell Knight | January 2, 2021
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Divorce and flexible spending accounts

There are a lot of assets to account for in an Illinois divorce. 401ks, houses, cars, bank accounts and personal items must all be allocated to each party in a divorce.  It is easy to overlook smaller accounts during the…

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IRS Tax Debt And Divorce In Illinois

By Russell Knight | January 1, 2021
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Tax debt and divorce in Illinois

A broken marriage can be the final result of a series of financial disasters. When a couple experiences loss of income, additional expenses and debt, that couple will end the year without paying their taxes in full. That leaves the…

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What Is A Constructive Trust In An Illinois Divorce?

By Russell Knight | December 26, 2020
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What is a constructive trust?

Illinois family law has a lot of buzzwords that divorce lawyers understand (or pretend to) that regular people can’t seem to wrap their head around. “Constructive trusts” is one of those buzzwords. If you search for “constructive trust” in the…

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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…

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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…

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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…

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Household and Personal Items In An Illinois Divorce

By Russell Knight | November 28, 2020
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Personal items in an Illinois divorce

When faced with divorce there are lots of big financial questions like “who gets the house” and “how much alimony will I get?” In addition to the big issues, there is the entire lifetime of items that a couple will…

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