Division of assets
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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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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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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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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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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In the United States there are thirteen different unions that represent railroad workers with a total of over 140,000 members. These railroad workers do not pay social security taxes. Instead, they pay taxes to a separate fund administered by the…
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Divorce is about unwinding two people’s professional and personal relationship. Each party to the divorce keeps certain assets and is assigned responsibility for certain debts. But some things are either both an asset and a debt or kind of neither,…
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Lawyers love to use acronyms and buzzwords to shorten long phrases like “Qualified Domestic Relations Order” which is commonly referred to as a “QDRO.” So, what is a QDRO, exactly, in an Illinois divorce? QDROs are court orders that allow…
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