Property Division

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Homestead Rights And Divorce In Illinois

By Russell Knight | April 18, 2021
Homestead Illinois

In America, the ability to own a home is part of the American Dream. In furtherance of this, there are numerous laws which encourage home ownership such as the mortgage interest deduction and the concept of the homestead exemption. What…

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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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What Happens To A Tax Refund In An Illinois Divorce?

By Russell Knight | February 7, 2021
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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…

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Flexible Spending Accounts And Divorce In Illinois

By Russell Knight | January 2, 2021
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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…

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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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Transmutation of Assets In An Illinois Divorce

By Russell Knight | November 21, 2020
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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…

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Who Gets The House After An Illinois Divorce?

By Russell Knight | November 8, 2020
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Marital House Illinois

A house is a peculiar asset in an Illinois divorce. A house is usually the biggest asset and the biggest debt that two married people share. Moreover, a house’s mortgage is usually the biggest monthly expense the parties share. Furthermore,…

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Rental Property In An Illinois Divorce

By Russell Knight | November 1, 2020
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Rental Property and divorce in Illinois

Diversification is the investment strategy whereby holding a variety of assets creates a greater long-term return because the variety reduces risk. In addition to thousands of tradable stocks and bonds, the average investor may also own real estate. The advantage…

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