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Taxes and Divorce

By Russell Knight | May 4, 2019
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Divorce and taxes

Whenever money is being transferred there is a possibility of taxes.  Perhaps there is no bigger transfer than the transfer of assets and income during divorce.  Therefore, taxes and divorce must be considered together when negotiating and finalizing a dissolution…

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Who Gets To Claim The Kids On Their Taxes In A Chicago, Illinois Divorce?

By Russell Knight | September 5, 2018
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Illinois Divorce Taxes

Short Answer Whatever the divorced parties agree to can be put in the final order or in subsequent orders. If you don’t agree as to declaring the children for tax purposes the judge will usually order an alternating schedule for…

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How Will The New Tax Law Affect Maintenance (Formerly Known As Alimony)

By Russell Knight | December 28, 2017
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Before the new tax law was passed by Congress and signed into law by the president on December 20, 2017, 26 U.S. Code Section 71(a) read “Gross income includes amounts received as alimony or separate maintenance payments” which mean that the…

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