Division of assets

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How To Turn A Non-Marital Property Into A Marital Property In An Illinois Divorce

By Russell Knight | February 6, 2022
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Turning Non-marital property into marital property in an Illinois divorce

One of the most common scenarios in an Illinois divorce is finding that one spouse has non-marital property from before the marriage. The allegedly non-marital property is usually a house that both people live in, pay for, and keep repaired…

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Can A Spouse Throw Out My Belongings In Illinois?

By Russell Knight | January 7, 2022
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Throw away valuables in a divorce

We’ve all seen the trope in movies on TV where an angry wife throws her husband’s things out the bedroom window onto the front lawn. Some movies take it even further and a spouse will burn the other spouse’s things…

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Degrees And Licenses In An Illinois Divorce

By Russell Knight | January 1, 2022
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Degrees and licenses in an Illinois divorce

Having a professional degree and license is often very lucrative (take it from me). A degree makes a person eligible for certain professional positions and a license makes a license holder an exclusive provider of some regulated service. These restrictions…

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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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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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Rollover IRAs and Divorce In Illinois

By Russell Knight | June 20, 2021
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rollover 401k divorce

401(k)s and other retirement accounts get divided in a divorce based on the contributions made to those accounts during the marriage. When those accounts get consolidated into a rollover IRA, the mathematics required to accurately divide the retirement account becomes…

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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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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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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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