Marital Property

Generic selectors
Exact matches only
Search in title
Search in content

IRS Tax Debt And Divorce In Illinois

By Russell Knight | January 1, 2021
| |
Tax debt and divorce in Illinois

A broken marriage can be the final result of a series of financial disasters. When a couple experiences loss of income, additional expenses and debt, that couple will end the year without paying their taxes in full. That leaves the…

Read More

What Is A Constructive Trust In An Illinois Divorce?

By Russell Knight | December 26, 2020
| |
What is a constructive trust?

Illinois family law has a lot of buzzwords that divorce lawyers understand (or pretend to) that regular people can’t seem to wrap their head around. “Constructive trusts” is one of those buzzwords. If you search for “constructive trust” in the…

Read More

Who Gets The Tax Attributes In An Illinois Divorce?

By Russell Knight | December 26, 2020
| |
Tax Deductions In An Illinois DIvorce

For most people, tax issues are not a big issue in their Illinois divorce. After any remaining tax debts are allocated, the only issue is who declares the children on their taxes in which years. For the wealthy, taxes are…

Read More

Country Clubs, Golf Clubs And Divorce In Illinois

By Russell Knight | December 25, 2020
Country Club Illinois Divorce

Most people’s divorces are quite financially, simple. The house gets sold, the proceeds divided, the 401ks and retirement accounts get QDRO’d, child support and alimony get calculated pursuant to the statute. Wealthy people’s divorces get a lot more complicated. The…

Read More

Second Homes And Divorce In Illinois

By Russell Knight | December 24, 2020
| |
2nd home in Illinois divorce

As a married couple ages, they refinance their house and lower their mortgage payment, the kids leave the home and suddenly there’s extra income. Many couples take this opportunity to buy a second home. A second home allows a couple…

Read More

Household and Personal Items In An Illinois Divorce

By Russell Knight | November 28, 2020
| | | |
Personal items in an Illinois divorce

When faced with divorce there are lots of big financial questions like “who gets the house” and “how much alimony will I get?” In addition to the big issues, there is the entire lifetime of items that a couple will…

Read More

Deferred Compensation Plans And Divorce In Illinois

By Russell Knight | November 27, 2020
| | | | |
Illinois Divorce And Deferred Compensation

There are so many ways to save for retirement that it feels like you have to be a financial expert to understand the various retirement accounts available and their respective tax advantages. In reality, most retirement plans in the United…

Read More

Royalties And Divorce In Illinois

By Russell Knight | November 26, 2020
| | |
Divorce and royalty income in Illinois

Getting paid for working is nice. But getting paid over and over again for work that’s already been done is even better. The problem with a lot of work is that the creator and their investors/distributors have no idea what…

Read More

Transmutation of Assets In An Illinois Divorce

By Russell Knight | November 21, 2020
| |
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…

Read More

How To Read A W-2 In An Illinois Divorce

By Russell Knight | November 13, 2020
| | | |
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…

Read More