Medical divorce is becoming more common in situations where one spouse requires extensive medical and long term care. Families faced with tens, if not hundreds of thousands of dollars in medical costs may look to Medicaid as an option when their private insurance runs out. While those with limited income and assets typically qualify for…Read More
Splitting Retirement Accounts in a Divorce
Dividing workplace retirement plans such as 401ks and pensions require a court order that is separate from the divorce settlement agreement. It is important to work with an attorney who has experience drafting the necessary documents so that retirement assets are divided properly. Retirement savings are some of the most valuable assets a married couple…Read More
Taxes and Marital Property Division
It is important to consider the tax treatment of various assets when dividing marital property to ensure a fair division. Say, for example, you and your spouse have a 401k as well as a Roth IRA, both with roughly equal dollar amounts. On the surface it may seem that awarding one to each spouse makes…Read More
Trusts in an Illinois Divorce
A trust is set up by a grantor (aka settlor or trust maker) typically for the benefit of a beneficiary, who may receive distributions during the grantor’s lifetime or upon death as directed by the trust. Trusts can be revocable or irrevocable, funded by marital or separate property, which speaks to how they will be…Read More
Dividing Retirement Accounts in an Illinois Divorce
Dividing retirement accounts in an Illinois divorce requires some foresight. Parties in a divorce will sometimes approach property division with fairness in mind. They enter into the process saying that they will divide everything in half, fair and square. When you and your spouse make decisions regarding the division of retirement assets, paying attention to…Read More
