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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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Timeshares And Divorce In Illinois

By Russell Knight | July 5, 2020
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Illinois divorce and timeshares

Divorce is about unwinding two people’s professional and personal relationship. Each party to the divorce keeps certain assets and is assigned responsibility for certain debts. But some things are either both an asset and a debt or kind of neither,…

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What Is A QDRO In An Illinois Divorce?

By Russell Knight | June 27, 2020
QDROs and divorce in Illinois

Lawyers love to use acronyms and buzzwords to shorten long phrases like “Qualified Domestic Relations Order” which is commonly referred to as a “QDRO.” So, what is a QDRO, exactly, in an Illinois divorce? QDROs are court orders that allow…

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Stock Options And Divorce In Illinois

By Russell Knight | June 16, 2020
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Divorce And Stock Options In Illinois

The term “stock options” has a certain mystique. Stock options seem like 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…

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Dating During Divorce In Illinois

By Russell Knight | June 13, 2020
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Illinois Divorce And Dating

Many people don’t wait for the divorce process to officially end before dating.  The wisdom of dating during a divorce in Illinois is debatable.  If you or your spouse are actively dating other people while unwinding your relationship through an…

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