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What Happens To A Tax Refund In An Illinois Divorce?

By Russell Knight | February 7, 2021
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Tax Refund

Tax refunds can be afterthought in an Illinois divorce. Maintenance, child support and the division of assets and debts will dwarf the money the at the U.S. government owes one or both parties to an Illinois divorce. Still, money is…

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Country Clubs, Golf Clubs And Divorce In Illinois

By Russell Knight | December 25, 2020
Country Club Illinois Divorce

Most people’s divorces are quite financially, simple. The house gets sold, the proceeds divided, the 401ks and retirement accounts get QDRO’d, child support and alimony get calculated pursuant to the statute. Wealthy people’s divorces get a lot more complicated. The…

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Who Gets The House After An Illinois Divorce?

By Russell Knight | November 8, 2020
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Marital House Illinois

A house is a peculiar asset in an Illinois divorce. A house is usually the biggest asset and the biggest debt that two married people share. Moreover, a house’s mortgage is usually the biggest monthly expense the parties share. Furthermore,…

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Tracing and Commingling Assets In An Illinois Divorce

By Russell Knight | October 24, 2020
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Tracing assets in an Illinois divorce

Almost all states allow property brought into the marriage to remain non-marital. Thus, divorce law allows the person who brought the property into the marriage to take that property out at the end of the divorce. Illinois is no exception. …

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What Is An Equitable Division Of Assets In An Illinois Divorce?

By Russell Knight | September 4, 2020
Equitable Distribution Of Assets In Illinois Divorce

The point of a divorce is to unwind a couple’s affairs while establishing and memorializing the remaining obligations between the two parties. The “unwind” part is simply the division of the party’s marital assets. The “ongoing obligations” is virtually everything…

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Gifts and Divorce In Illinois

By Russell Knight | February 2, 2019
gifts and divorce in Illinois

When considering gifts and divorce in Illinois, we must first acknowledge that all of the property you have at the time of the divorce can be classified as either marital or non-marital for the purpose of division of assets. In…

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