Division of assets

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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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Household and Personal Items In An Illinois Divorce

By Russell Knight | November 28, 2020
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Personal items in an Illinois divorce

When faced with divorce there are lots of big financial questions like “who gets the house” and “how much alimony will I get?” In addition to the big issues, there is the entire lifetime of items that a couple will…

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Royalties And Divorce In Illinois

By Russell Knight | November 26, 2020
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Divorce and royalty income in Illinois

Getting paid for working is nice. But getting paid over and over again for work that’s already been done is even better. The problem with a lot of work is that the creator and their investors/distributors have no idea what…

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Transmutation of Assets In An Illinois Divorce

By Russell Knight | November 21, 2020
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Mixing Money 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…

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Stay At Home Parents And Homemakers In An Illinois Divorce

By Russell Knight | November 7, 2020
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Homemaker divorce Illinois

A marriage with a homemaker is often a symbiotic relationship where everyone is happier for it…until they’re not. After a divorce, there can be no further cooperation. The homemaker either has to get a job, request alimony, child support and/or…

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