The recently enacted tax law, effective January 1, 2019, will have a number of impacts on divorcing couples. The new tax law not only eliminates the tax deductible allowance of spousal maintenance for payers, but will also have implications on the valuation of closely held businesses and property tax deductions. Alimony Under the New Tax Law…Read More
Quit Claim Deed in a Divorce
When couples divorce, they may wish to sell the family home and split the proceeds. Other times, one spouse may wish to stay in the home while the other moves out. In the latter case, divorcing couples may use a quit claim deed to fulfill the requirements of property division in a divorce. A quit…Read More
Look at Big Picture When Determining Alimony
Men and women are closing the gender gap when it comes to education and earnings, making permanent alimony rare. However, some circumstances may justify long-term spousal maintenance. Among the factors considered for a favorable alimony ruling are lengthy marriages, age and health of the parties, and income earning potential. These may be considered as single…Read More
Post-Holiday Divorce Meet Google Search
In the world of Google search, it is not surprising that “diet” searches rise with the New Year. Health resolutions kick in and people hit the gym with renewed enthusiasm. Even more interesting is the significant rise in the number of people searching “divorce” in the 10 days following Christmas. Taking a closer look at…Read More
The Devil is in the Details…Financial Affidavits Matter in Property Division
Divorce can be an exhausting, emotional process. There are many things to consider, particularly in the area of property division. In all contested divorces (and a number of uncontested) divorces, couples are required to complete a financial affidavit formally detailing their income, expenses, assets, debts or liabilities to inform the court in the matter of…Read More
Prenuptial Agreements Trump Indecision
Most couples are reluctant to broach the idea of a prenuptial agreement, not wanting to discuss a possible end to a marriage that is just getting started. However, in reality, a prenuptial agreement is inescapable. Either you and your spouse thoughtfully compose a prenuptial agreement together OR you are at the mercy of the one…Read More
Illinois could see changes to spousal maintenance laws
A proposed bill would change the laws about spousal maintenance awards, creating a formula for determining the amount and length of awards. In May 2014, the Illinois legislature passed a bill that would reform the state’s spousal maintenance laws. The bill is awaiting the governor’s signature. If the bill becomes law, it would take effect…Read More
Don’t Make These Mistakes During Your Divorce
For many people, divorce is one of the most stressful things they go through in life. When emotions are running on high, it can be difficult to make good decisions during a complicated legal process like divorce. Unfortunately, poor decisions made during a divorce can cause a lifetime of regret. In a recent article, a…Read More
Financial planner seeks to empower divorced women
We often hear how financially devastating divorce can be, especially for lesser-earning spouses, who have traditionally been women. However, during an Illinois divorce, marital property is divided equitably between the two spouses. What that means is that while the property might not be divided exactly 50-50, it is spit in a way the judge deems…Read More
How to handle marital debt during divorce
When going through divorce, dividing debts is just as important as dividing assets for many Illinois residents. Whether it’s credit cards, lines of credit or personal loans, many people have taken on debt in some form over the course of their marriage. During the divorce process, all marital debts are divided “equitably” between the spouses,…Read More
