Division of assets
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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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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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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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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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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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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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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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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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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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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