“If you can’t explain it simply, you don’t understand it well enough.” – Albert Einstein.
Child support and maintenance (formerly known as alimony) in Illinois are determined by both parties’ incomes. A business owner does not receive just a check every two weeks and a W2. A business owner has ongoing revenue and expenses that have to be calculated to determine the business owner’s income. Beyond that, business owners have
Whenever a celebrity’s child support amount is announced in the news, the child support always seems absurdly high. Kelly Clarkson pays her ex-husband $ 45,601 in child support. Nick Cannon pays $2.2 million dollars a year to the mothers of his nine children. Celebrities do not live in Illinois. So, celebrities are not a useful
Whether the economy is booming, inflation is increasing or either former partner has devoted themselves to their job after their divorce…people’s incomes go up. Income is the determinator for both child support and maintenance in an Illinois divorce. When income goes down, parties to a divorce either need more support or they cannot afford to
There are three quantifiable inputs in an Illinois divorce: 1) Time the children currently spend with each parent, 2) Marital assets and debts of the couple, and 3) The income of each party. Everything else that determines the results of an Illinois divorce can be described qualitatively in words but not quantitatively in numbers. This
Warren Buffet once said, “If you don’t find a way to make money while you sleep, you will work until you die.” Many people have saved enough money, that subsequently makes enough money to maintain themselves…and then they get divorced. The money divided is often enough to live off as well (or at least pay
Diversification is the investment strategy whereby holding a variety of assets creates a greater long-term return because the variety reduces risk. In addition to thousands of tradable stocks and bonds, the average investor may also own real estate. The advantage of owning real estate as an investment is that you can borrow to buy the
If you are a business owner or you are married to a business owner, you are going to have to become familiar with the concept of depreciation. For tax purposes, business expenses are deductible to the business owner’s regular income. Big expensive items like a building or a semi truck wear out slowly and the
People get paid all sorts of ways. Employees get paystubs, benefits, and per diem accounts. Employees even get paid for NOT working when they are paid for their accumulated vacation and sick days. For an older employee in a job that allows vacation and sick day credits to be carried over year-over-year, those accumulated vacation
In the Bible, the Book of Job is about a man who suffers a series of horrible tests in order to prove that he is worthy. In an Illinois divorce, a job diary is quite similar. When one party in a divorce is unemployed or underemployed, an Illinois divorce hangs in limbo because that party’s
After a maintenance award is made in an Illinois divorce, there will be some language that will specify the amount and duration of maintenance. The amount and duration of maintenance is “designed to allow the recipient spouse to maintain the standard of living enjoyed during the marriage.” In re Marriage of Micheli, 2014 IL App
The most important value of our law firm is our commitment to our clients. We understand the serious nature of divorce and family law, and we are dedicated to helping you achieve the best possible outcome for your family and your individual set of circumstances. In every case, we fight to achieve the best possible result.
Legal Services
Disclaimer: The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established. Please be advised that the results achieved in any given case depend upon the exact facts and circumstances of that case. The Law Office of Russell D. Knight cannot guarantee a specific result in any legal matter. Any testimonial or case result listed on this site is based on an actual legal case and represents the results achieved in that particular case, and does not constitute a guarantee, warranty or prediction of the outcome of any other legal matter. Privacy Policy | Terms of Service.
Powered by BSPE Legal Marketing