Marital Property
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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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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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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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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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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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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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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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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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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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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