Marital Property

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Transmutation of Assets In An Illinois Divorce

By Russell Knight | November 21, 2020
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Mixing Money In An Illinois Divorce

When people get married, they join their lives…at least on an ongoing basis. There are still items from their past that will always remain with them. Whether it is a keepsake or an entire house, what you bring into a…

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How To Read A W-2 In An Illinois Divorce

By Russell Knight | November 13, 2020
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W2 divorce

In almost every Illinois divorce financial documents will be exchanged between the parties. This exchange always includes the parties’ taxes, which may have been filed together. The tax return usually tells 90% of a divorcing party’s financial story in regards…

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Who Gets The House After An Illinois Divorce?

By Russell Knight | November 8, 2020
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Marital House Illinois

A house is a peculiar asset in an Illinois divorce. A house is usually the biggest asset and the biggest debt that two married people share. Moreover, a house’s mortgage is usually the biggest monthly expense the parties share. Furthermore,…

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Rental Property In An Illinois Divorce

By Russell Knight | November 1, 2020
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Rental Property and divorce in Illinois

Diversification is the investment strategy whereby holding a variety of assets creates a greater long-term return because the variety reduces risk. In addition to thousands of tradable stocks and bonds, the average investor may also own real estate. The advantage…

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How To Read A Tax Return In An Illinois Divorce

By Russell Knight | October 31, 2020
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Inspecting Tax Returns In An Illinois DIvorce

Tax returns are a record of an individual’s income that are presented to the United States federal government. If the tax returns are not complete and factual, the filer can face a myriad of penalties and possible criminal prosecution. So,…

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Railroad Pensions And Divorce In Illinois

By Russell Knight | October 25, 2020
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Railroad Pensions In Illinois

In the United States there are thirteen different unions that represent railroad workers with a total of over 140,000 members. These railroad workers do not pay social security taxes. Instead, they pay taxes to a separate fund administered by the…

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Tracing and Commingling Assets In An Illinois Divorce

By Russell Knight | October 24, 2020
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Tracing assets in an Illinois divorce

Almost all states allow property brought into the marriage to remain non-marital. Thus, divorce law allows the person who brought the property into the marriage to take that property out at the end of the divorce. Illinois is no exception. …

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Who Pays The Mortgage During An Illinois Divorce?

By Russell Knight | October 20, 2020
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Mortgage During Illinois Divorce

Mortgages typically consume 25 to 33 percent of a household’s total income. A mortgage is usually a household’s biggest expense. Additionally, mortgages are usually tied to a household’s biggest asset, the marital home. Failure to pay a mortgage means a…

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What Is An Equitable Division Of Assets In An Illinois Divorce?

By Russell Knight | September 4, 2020
Equitable Distribution Of Assets In Illinois Divorce

The point of a divorce is to unwind a couple’s affairs while establishing and memorializing the remaining obligations between the two parties. The “unwind” part is simply the division of the party’s marital assets. The “ongoing obligations” is virtually everything…

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Can I Be Sued For Something My Husband Or Wife Did In Illinois?

By Russell Knight | August 20, 2020
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Getting sued because of your spouse in Illinois

There’s an old saying: “lucky in life, unlucky in love” which refers to the phenomenon of reasonable, successful people who fall in love with people who are constantly prone to poor decisions. Maybe this odd couple dynamic is what keeps…

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