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Imputing Income In An Illinois Divorce

By Russell Knight | April 17, 2022
Determining what someone should make in an Illinois divorce

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 in…

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Job Diaries In An Illinois Divorce

By Russell Knight | January 12, 2022
Job Diary In An Illinois Divorce

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…

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The Duty To Seek Employment After An Illinois Divorce

By Russell Knight | June 5, 2021
Seek employment after divorce

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…

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My Spouse’s Income Reduced During My Illinois Divorce

By Russell Knight | January 9, 2021
Reduced Income In An Illinois Divorce

Things change when people get divorced. Whether it is the stress of a divorce or the conniving strategy, incomes seems to plummet during the divorce process. In Illinois, income is what determines maintenance (formerly known as alimony) and child support.…

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Second Homes And Divorce In Illinois

By Russell Knight | December 24, 2020
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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Royalties And Divorce In Illinois

By Russell Knight | November 26, 2020
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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Rental Property In An Illinois Divorce

By Russell Knight | November 1, 2020
Rental Property and divorce in Illinois

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…

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How To Read A 1040 Tax Return In An Illinois Divorce

By Russell Knight | October 31, 2020
Inspecting Tax Returns In An Illinois DIvorce

Tax returns are a record of an individual’s income that are presented to the United States federal government. If the tax returns are not complete and factual, the filer can face a myriad of penalties and possible criminal prosecution. So,…

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