Author Archives: Law Office of Fedor Kozlov, P.C.
Spousal Support and Tax Implications
As part of the divorce agreement, a higher-earning spouse provides alimony to a lower-earning spouse so living standards can be maintained and expenses such as education, healthcare, or job loss can be covered. Previously, alimony was tax-deductible – but not anymore. The New Tax Laws Both the federal Tax Cuts and Jobs Act of… Read More »
Advantages of an Uncontested Divorce
An uncontested divorce is also known as a no-fault divorce. It is one where both spouses have already agreed upon spousal maintenance, child custody, equity division of assets and future forms of communication. It is also one of the easiest to administer. If there is no agreement on any of the processes during a… Read More »
Equity Division of Assets during a Divorce
During a divorce, a couple’s house is usually the most expensive financial asset that needs careful division. Like sharing responsibilities in child custody, equity division of a house – or other financial asset, is also an important part of the divorce agreement. The way equity division happens and what assets can be divided are… Read More »
Determining Spousal Maintenance in a Divorce
During divorce proceedings, spousal maintenance collections are determined under the Illinois Marriage and Dissolution of Marriage Act (IMDMA). Although they are determined at the very end of the proceedings, they are a critical component if a spouse also holds legal or physical child custody. Under state law, spousal maintenance is calculated based upon the… Read More »
Child Custody under the Uniform Child Custody Act (UCCA)
When individuals are going through divorce proceedings, there is usually a split achieved for property and financial assets, but one area of concern is how to approach matters of child custody. To simplify it, the State of Illinois has adopted the Uniform Child Custody Act (UCCA). It provides for a legal way to manage… Read More »
Protecting a Business in a Divorce
Divorces are common in the U.S. and your business is one of the most expensive assets you would need to protect during your divorce proceedings in Illinois. The share of your ex in your business depends upon different circumstances. Depending on the situation surrounding your particular divorce case, your ex could be entitled to… Read More »
Divorce Complications with Blended Families
Blended families are more common than ever. According to an estimate, there are more than 1,300 new blended families in the U.S. each day as people with children from previous marriage or relationship come together. A family with children from different relationships come together as a single unit after the parents marry. If a… Read More »
Is a Collaborative Divorce Best for You?
No matter how you look at it, an impending divorce is not easy – even in the best of circumstances. Unfortunately, there are bad divorces and then there are horrible divorces, filled with accusations, lies, prejudice and hefty lawyer fees followed by infinite litigation. Understanding a Collaborative Divorce Unlike a bitter divorce where both… Read More »
If I Miss my Child Support, Can the State Suspend My Driver’s License?
One question we get a lot is “can child support suspend your license in another state?” The driver’s license of an obligor could be revoked if they have pending child support payments for more than 90 days. The license suspension is not automatic and the obligor has different methods to avoid suspension. However, if… Read More »
Before Their Divorce, Divorcees Need to Know About Spouse’s Assets, Debts and Net Worth
Divorce is a hard time for couples, but regardless of the despair and pain you have to endure, it’s essential to understand the facts and figures of the divorce. For any divorcee, it’s important to be aware of the spouse’s assets, net worth and debt. An experienced divorce attorney will suggests that the financial… Read More »