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What Are The Tax Implications Of Divorce In Illinois?

Most divorcing couples overlook the tax implications of divorce before it is too late. A Schaumburg tax implications attorney, or any attorney for that matter, cannot ethically give them tax advice if they don’t have the education or the experience to do so. That is why most couples turn to accountants to determine the tax implications of their divorce, among other mistakes. Top Tax Implications of Divorce in Illinois Certain tax implications can significantly impact the terms in your divorce agreement, and these should be discussed durin...

How Is Debt Division Handled In An Illinois Divorce?

Dealing with debt is perhaps one of the most difficult aspects of a divorce. Disputes over who gets to keep the family home, who gets the savings accounts and cars can cause several difficult arguments during the asset division process. This is why most couples hire specific Schaumburg debt division attorneys to determine who gets what. The entire process can be quite stressful, especially if debt created by one spouse is not divided with the other. How Debts Are Divided In an Illinois Divorce Case Illinois is an equitable division state, which...

How is Business Asset Division Decided in an Illinois Divorce?

Illinois is an equitable division state, which means that all assets, including the business variety, are split between divorcing spouses fairly. This does NOT imply each party gets 50 percent. It means that they receive what the court determines is fair to both. While some assets are easy to split (such as savings accounts and cars), others, such as a business and its assets can be challenging to disperse. Table of Contents How to Determine If a Business Is Marital PropertyHow Much Each Spouse Can Get During Business Asset Division in an Il...

How Is Marital And Non-Marital Property Decided In An Illinois Divorce?

Marriage gives people the opportunity to build a life together with the person they love. From buying a home, a new car to choosing furniture that suits their lifestyle, couples make several critical financial decisions during their marriage. So when they decide to go their separate ways and get a divorce, that property has to be divided. Illinois Is an Equitable Distribution State Since Illinois is an equitable distribution state, the property between divorcing spouses is divided ‘fairly’ rather than equally. This can lead to unequ...

Unemployed Child Support: Getting Paid When Your Ex Isn’t Working

In Illinois, a divorce is not the end of the road, but a new beginning that can help you get back on your feet after, say, from an unhappy or loveless marriage. However, the experience can quickly become a nightmare if your ex-spouse refuses or cannot pay child support due to unemployment. You can make unemployed child support claims in court or try and work out a new maintenance deal with your ex. What You Can Do In Case Your Spouse Fails To Make Support Payments If you are not getting maintenance payments, check with your spouse before lookin...

What are the Top 10 Reasons for Divorce?

In the past decade, there has been a significant cultural shift in behaviors and attitudes, which has redefined the meaning of marriage. The view of marriage as a lifelong commitment has greatly been altered. The emphasis now is on individual satisfaction and fulfillment. The US alone reports one of the highest divorce rates in the world, where couples once used to prioritize building and sustaining a successful marriage. According to the CDC, Nevada, West Virginia, Arkansas, Idaho, and Oklahoma are the five states with the highest divorce rate...

What Factors Determine Child Custody In Illinois?

Whether you are preparing for a divorce or are unmarried and wish to establish custody of your children, you need to retain child custody lawyers in Arlington Heights. They will help you come up with a custody arrangement that can reflect the best interests of your children as per the Illinois Marriage and Dissolution of Marriage Act. Factors That Determine Child Custody in Illinois The court considers the following factors to determine a child’s best interests before allocating child custody to one of the parents: The wishes of the children...

What are the Tax Implications of a Business in a High Net Worth Divorce?

For most business owners, work and life balance is a myth. Unfortunately, the long hours, stress, and lack of sleep places immense strain on their marriages and other relationships. If you are forced to choose between your business and your spouse, chances are you will choose the former and will have to deal with a high net worth divorce. However, your impending divorce may have some profound financial implications on your finances. At this point, you should consider hiring a high net worth divorce lawyer in Chicago to protect your company as w...

Is Illinois A Community Property State?

Unlike some states, Illinois does not recognize community property. It means that anything you acquire on your own or for yourself during your marriage is not necessarily divisible. However, if you are going through a high asset divorce in Illinois, you have more to lose than other divorcing couples. Property is divided into marital and non-marital portions in Illinois. This distinction is necessary when it comes to asset division during a divorce. (The court can also divide your property equitably between both of you as per any prenuptial agre...

Are Both Parents Given Equal Consideration for Child Custody in Illinois?

If you’ve recently started divorce proceedings in Illinois, you might be wondering whether both parents are given equal consideration for child custody or one parent is favored over another. As a loving parent, you may want to acquire full custody of your children. This is why, you might be interested in finding out that out of 12.9 million custodial parents in the US in 2018, four in five were mothers, according to the United States Census Bureau child custody statistics. If you’re a father, don’t let the thought that custody automatical...

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