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Category: Marital Property

“If you can’t explain it simply, you don’t understand it well enough.” – Albert Einstein.

Conversion And Commingling In An Illinois Divorce

Marital Property

Conversion As A Defense To Commingling And Transmutation In an Illinois Divorce

The default rule in an Illinois divorce is whatever you came into a marriage with…you can leave the marriage with. The distinction between premarital and marital (thus, divisible) assets is crucial to determining who gets what in an Illinois divorce. The subrule is that premarital assets that become blended or commingled with marital assets, those

Russell Knight November 9, 2024

tortious interference with a prospective economic advantage in an Illinois divorce

Marital Property

Spouse Sabotaging A Business In An Illinois Divorce

Business owners have the worst divorces. A business owner’s income will be challenged because, after, the business owner pays themselves. The value of the business must be determined by outside experts without an actual sale (business owners always want to keep their business). Furthermore, a business owner’s spouse knows the strengths and weaknesses of the

Russell Knight September 22, 2024

Marital Property

Dissipation Of Assets In An Illinois 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 on the part of either spouse. This accounting of marital money spent on girlfriends, boyfriends,

Russell Knight July 30, 2024

Illinois Law

Rental Property In An Illinois Divorce

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 of owning real estate as an investment is that you can borrow to buy the

Russell Knight July 25, 2024

Child Support

Bonus Income And Divorce In Illinois

Money is a funny thing in an Illinois divorce. In a divorce, money is an asset that can be divisible or not based on whether it is marital. In a divorce money is also evidence of income which can determine child support and maintenance (formerly known as alimony). Money usually comes in regular allotments every

Russell Knight July 23, 2024

Marital Property

Stock Options And Divorce In Illinois

The term “stock options” has a certain mystique. Stock options seem like a sophisticated financial instrument for the rich and about-to-be-rich…and they kind of are. The problem with sophisticated financial instruments like stock options, is that they are hard to divide in an Illinois divorce. So, how do you divide stock options in an Illinois

Russell Knight July 11, 2024

Gifts To A Child In An Illinois Marital Settlement Agreement

Marital Property

Leaving Children Marital Assets In An Illinois Divorce

People might hate each other during a divorce but they love their kids. To avoid conflict, parties to a divorce may forgo dividing assets for simply awarding those assets to a child or children. Giving away marital assets to children can be memorialized in an Illinois Marital Settlement Agreement. Realistically, if you gave the marital

Russell Knight July 4, 2024

Divorce

Paying Taxes On A 401k Divorce Settlement In Illinois

The point of a 401(k), 403(b) or other tax-deferred account is to save money before paying taxes on the money saved. If a worker saves 7% of their income in a 401(k) account, the worker will only be taxed, the year of that contribution, on the remaining 93%. The money saved in a 401(k) grows

Russell Knight June 20, 2024

Divorce

Reserving Financial Issues In An Illinois Divorce

Divorce is unpleasant. Most people put off divorce issues…even during the divorce. In fact, financial issues can be reserved to be addressed later should the parties agree or the court determines that reserving a financial matter is appropriate. For most cases, courts are strongly biased towards resolving every financial matter between the parties on the

Russell Knight February 17, 2024

Marital Property

When Your Spouse Files For Bankruptcy In Illinois

Divorce and bankruptcy seem to go together. If you are throwing away your personal life, why not also throw away your professional life? Promises, after all, are made to be broken. How Bankruptcy Works “The central purpose of the Bankruptcy Code is to give a fresh start to the honest but unlucky debtor.” Schroeder v.

Russell Knight October 21, 2023

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