Property Division

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Boats And Divorce In Illinois

By Russell Knight | November 7, 2021
Dividing a boat's value in an Illinois divorce

They say the two best days in a boater’s life are the day they buy the boat and the day they sell it. Perhaps the same may be said of a marriage. Boats are a curious asset in an Illinois…

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Quit Claim Deeds And Divorce In Illinois

By Russell Knight | November 3, 2021
Deeds and divorce in Illinois

When two people are married and buy real estate, there are incredible incentives to hold the property jointly. Jointly held property has the right of survivorship. If one spouse dies, the entire property passes to the other spouse without the…

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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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On What Date Do You Value Marital Assets In An Illinois Divorce?

By Russell Knight | August 17, 2021
Date of valuation in an Illinois divorce

Assets get divided in a divorce. The value of assets are proven by printing off bank statements, brokerage account statements, appraisals, etc. Most of these assets are constantly fluctuating based on recent contributions, withdrawals and fluctuations in price. At what…

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Agreements Before An Illinois Divorce Is Final

By Russell Knight | July 17, 2021
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Agreement Before Divorce Is Final

The Illinois divorce process leads up to a final day when the judgment for dissolution of marriage is entered and the final agreement of the parties is stamped by the clerk of court. Leading up to that point, the parties…

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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
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
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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