Non-Marital Property

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Can A Spouse Throw Out My Belongings In Illinois?

By Russell Knight | January 7, 2022
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Throw away valuables in a divorce

We’ve all seen the trope in movies on TV where an angry wife throws her husband’s things out the bedroom window onto the front lawn. Some movies take it even further and a spouse will burn the other spouse’s things…

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Degrees And Licenses In An Illinois Divorce

By Russell Knight | January 1, 2022
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Degrees and licenses in an Illinois divorce

Having a professional degree and license is often very lucrative (take it from me). A degree makes a degree eligible for certain professional positions and a license makes a license holder an exclusive provider of some regulated service. These restrictions…

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Loans From Parents During An Illinois Divorce

By Russell Knight | December 19, 2021
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Loan from parents during divorce

Divorce is difficult and it is important to have the support of family. When a couple gets divorced it is very common for their parents to be supportive financially as well as emotionally. The nature of this support is often…

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

By Russell Knight | September 18, 2021
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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…

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Rollover IRAs and Divorce In Illinois

By Russell Knight | June 20, 2021
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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…

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Trust Funds For Children And Divorce In Illinois

By Russell Knight | February 28, 2021
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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…

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Dissipation Of Assets In An Illinois Divorce

By Russell Knight | February 21, 2021
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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…

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IRS Tax Debt And Divorce In Illinois

By Russell Knight | January 1, 2021
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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…

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Who Gets The Tax Attributes In An Illinois Divorce?

By Russell Knight | December 26, 2020
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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…

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Second Homes And Divorce In Illinois

By Russell Knight | December 24, 2020
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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…

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