Tenants In Common, Joint Tenants, and Tenants In The Entirety In An Illinois Divorce

By Russell Knight | September 18, 2021
| |
Tenancy By The Entirety In Illinois

Being married means starting a life together. For most people, that means owning property together in furtherance of building a home and a family. That real estate can be held in a variety of ways based on how the deed…

Read More

1031 Exchanges And Divorce In Illinois

By Russell Knight | August 28, 2021
|
Capital Gains And Taxes in An Illinois Divorce

When a couple owns real estate together and gets divorced one of three things will happen to that house. One party will keep the real estate and the other party will receive other marital assets have an equivalent value of…

Read More

Rollover IRAs and Divorce In Illinois

By Russell Knight | June 20, 2021
|
rollover 401k divorce

401(k)s and other retirement accounts get divided in a divorce based on the contributions made to those accounts during the marriage. When those accounts get consolidated into a rollover IRA, the mathematics required to accurately divide the retirement account becomes…

Read More

What is NOT Modifiable in an Illinois Divorce

By Russell Knight | April 24, 2021
| | | |
Res Judicata Illinois Divorce

Divorce cases are about finally terminating a long-dying relationship and finally unwinding the the married parties’ joint affairs. Eventually, a final hearing is performed which awards all assets to each party, determines maintenance and child support and allocates parenting time…

Read More

How To Disinherit Your Spouse In Illinois

By Russell Knight | March 1, 2021
| |
Disinherited Spouse

When you’re getting married you hear the words “’Til Death Do Us Part.” When you contemplate divorce, you don’t want your current spouse to have anything after you die. So, how do you disinherit a spouse in Illinois? A Divorce…

Read More

Trust Funds For Children And Divorce In Illinois

By Russell Knight | February 28, 2021
| | |
Trust Funds and Divorce

Trust funds are way to set aside money for a specific purpose. Trusts are especially useful for applying money for the benefit of someone who cannot manage the money themselves such as a child. A trust is “an equitable or…

Read More

Dissipation Of Assets In An Illinois Divorce

By Russell Knight | February 21, 2021
| |
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…

Read More

What Happens To A Tax Refund In An Illinois Divorce?

By Russell Knight | February 7, 2021
|
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…

Read More

What is a QILDRO in an Illinois Divorce?

By Russell Knight | January 22, 2021
| | |
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…

Read More

Flexible Spending Accounts And Divorce In Illinois

By Russell Knight | January 2, 2021
|
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…

Read More