Most people’s biggest asset is their house. But, the marital home is typically held by two people as a couple together because, as a couple, they were eligible for the mortgage. Outside of the tax advantages of paying a mortgage every month, a mortgage is also an enforced savings program. If you own your house…
Social Security is the United States’ federal government’s system for making regular payments to people if they are disabled and/or elderly. People who are getting divorced and also receiving a social security benefit (or their spouse is receiving it) need to know how a divorce will impact that benefit. The law does not treat social…
When two people get divorced in Illinois, they follow the procedures of the Illinois Marriage And Dissolution of Marriage Act to determine what will happen to their assets and incomes upon entering the final judgment of dissolution of marriage. In lieu of following the requirements of the Illinois Marriage and Dissolution of Marriage Act the…
Before we jump into this topic known as “discovery“, it all starts with the financial affidavit, also known by legal jargon as a “13.3” in Chicago (or Cook County generally) is a legal document that each party to a divorce or parentage action involving financial issues has to complete. Cook County Local Rule 13.3.1 states, in…
The term “pre-nup” is often part of pop culture’s nomenclature. We hear about it on television, we hear about celebrities and athletes entering into pre-nuptial agreements, and we hear about it in music. However, how does a pre-nuptial or premarital agreement actually work, and what is the legal reason people actually enter into pre-nuptial agreements?…
In 2017 millions of people invested in Bitcoin and other cryptocurrencies. Millions of people also got divorced. Therefore, several Bitcoin owners got divorced and had to address the division of their marital assets…which included this new and strange asset which is difficult to verify and difficult to value. Chicago is where the world’s commodities get…
In Illinois there is a great deal of law as to what makes a marriage valid. 750 ILCS 200 et al. A marriage license must be applied for, a marriage must be solemnized and the marriage license must be recorded appropriately. It is exceptionally rare for a marriage conducted in Illinois to have its marriage…
As with any property in the marriage, the first order of business is to determine whether the property is marital or non-marital. If the property is marital the property will be subject to division in the divorce. If the property is non-marital, the party who has the property in their name or possession shall keep…
Jewelry is a peculiar asset: it’s value has to be estimated and it can often “disappear”. Most all, it is usually a gift. In Illinois, the first step is determining whether the jewelry is marital property or not. Section 750 ILCS 5/503(a) of the Illinois Marriage and Dissolution of Marriage Act defines marital property as…
My first advice to any potential client is that you have to take care of yourself first. Take care of your physical, mental and emotional health. Most often this means moving out and away from your ex. Nothing good will happen while you live with your ex. I encourage clients to pay for a deposit…
