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Category: Property Division

“If you can’t explain it simply, you don’t understand it well enough.” – Albert Einstein.

Date of valuation in an Illinois divorce

Property Division

On What Date Do You Value Marital Assets 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 point does an Illinois divorce court consider the value of these assets before dividing them

Russell Knight August 17, 2021

Divorce

Agreements Before An Illinois 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 are permitted and encouraged to enter into agreements to resolve their temporary and even final

Russell Knight July 17, 2021

Marital Property

What Happens To A Tax Refund In An Illinois Divorce?

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 money and someone is going to get that last tax refund. So, who gets the

Russell Knight February 7, 2021

Marital Property

Flexible Spending Accounts And Divorce In Illinois

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 flurry of paperwork that encompasses both discovery and drafting of a Marital Settlement Agreement in

Russell Knight January 2, 2021

Marital Property

IRS 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 couple in debt to the IRS and the local state government. Finally, the strain of

Russell Knight January 1, 2021

Marital Property

Who Gets The Tax Attributes 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 both a burden and a strategic opportunity in a divorce. Individual assets carry certain tax

Russell Knight December 26, 2020

Marital Property

Second Homes And Divorce In Illinois

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 to spend the winters somewhere warm or the summers somewhere quiet. A married couple’s portfolio

Russell Knight December 24, 2020

Marital Property

Transmutation of Assets 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 marriage you get to take out of the marriage after a divorce. There is a

Russell Knight November 21, 2020

Divorce

Who Gets The House After An Illinois Divorce?

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, the house is where the parties and their children live. The house is the setting

Russell Knight November 8, 2020

Marital Property

Who Pays The Mortgage During An Illinois 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

Russell Knight October 20, 2020

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