“If you can’t explain it simply, you don’t understand it well enough.” – Albert Einstein.
A house is often a married couple’s greatest asset. How they treated that house during the course of their marriage will determine the value of the house and the subsequent allocation of that value during an Illinois divorce. Home improvements can be a factor in determining the equitable distribution of marital assets in an Illinois
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 divorce because they are an extravagance. While a boat has value (if the boat is
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
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
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
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
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
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
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
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
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