“If you can’t explain it simply, you don’t understand it well enough.” – Albert Einstein.
Most people have two big assets: their home and their retirement savings. The retirement savings are usually kept in a tax-deferred account like a 401(k). 401(k)s are a great tool for savers. 401(k)s are automatically funded from employees’ paychecks. Employers can also match 401(k) savings. 401(k) funds are not taxed until they are withdrawn (which
Contrary to myth that dentists suffer outsized divorce rates, the divorce rate for dentists is approximately 25% which is lower than the nationwide average. Still, dentists do get divorced and the dentists who own their practices may have to divide the value of their dental practice in an Illinois divorce. This article serves as a
In Illinois, if your spouse empties a joint bank account before or during a divorce, you can’t rely on automatic protections but you can file a motion for temporary relief or to maintain the financial status quo. Courts can order the funds restored or award you temporary support. Act quickly and consult a Chicago divorce
Mortgages typically consume 25 to 33 percent of a household’s total income. A mortgage is usually a household’s biggest expense. Additionally, mortgages are usually tied to a household’s biggest asset, the marital home. Failure to pay a mortgage means a married couple’s biggest asset is at risk of foreclosure. For all these reasons, the mortgage
When you are married to someone, you have a lot of mutual responsibilities to each other. It is up to you both to resolve those responsibilities. If you cannot resolve your mutual responsibilities, you file for divorce, and in Illinois, the Illinois Marriage and Dissolution of Marriage Act outlines what happens as you dissolve your
36% of people nationwide rent their homes instead of owning them. In Chicago, the percentage of renters is even higher at 51.5% of people being renters. So, while we know houses get divided in a divorce, what happens to renters when getting a divorce in Illinois? Who Keeps The Rented House In An Illinois Divorce?
Warren Buffett once said, “If you don’t find a way to make money while you sleep, you will work until you die.” Many people have saved enough money, which subsequently makes enough money to maintain themselves…and then they get divorced. The money divided is often enough to live off as well (or at least pay
When a party to an Illinois divorce has an overseas bank account, that account must be disclosed and, if found to be marital property, equitably distributed by the court. If the overseas account is not disclosed, Illinois divorce courts possess limited powers to investigate bank accounts in other countries. In an Illinois divorce, locating and
An average person’s assets are usually relatively simple. The average person may own a house, the average person might have a retirement account but the average person almost certainly owns some kind of automobile. So, what happens to a car, truck or motorcycle in an Illinois divorce? Is An Automobile Marital Property In An 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 hassle of probate court. “[A]n intrinsic feature of joint tenancy is the right of survivorship,
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