Recent Blog Posts
Debt Division in Illinois
When drafting prenuptial agreements, couples are mainly concerned about the term of spousal maintenance and division of property, assets, and income that each spouse owned before the commencement of their marriage. However, they may completely ignore the issues pertaining to their debt and financial obligations in case they seek a divorce after the marriage…. Read More »
Understanding Legal Separation vs. Divorce
People often synonymously use the term “legal separation” and “divorce”; however, in reality, both differ quite a lot. Opting for both options creates a space between spouses, but unlike a divorce, a legal separation does not result in the dissolution of the marriage. As per the census data released in 2010, 2% of the… Read More »
Tax Implications with Spousal Support
Spousal support, previously known as alimony, is a stream of payment that an individual is obligated to pay to their spouse after a separation or divorce. It is also termed as financial support, maintenance, or subsistence. No matter what terminology is used, spousal support has certain tax implications that need to be considered during… Read More »
Commingled Property in a Divorce
Division of property and assets can be an extremely complex and difficult task during a divorce. It becomes even more complex when a commingled property is involved during the settlement negotiations as deciding who owns the property can be a huge issue, especially if spouses do not keep a detailed accounting record of their… Read More »
Will My In-Laws History of Child Abuse Be Factored into our Custody Agreement?
During divorce proceedings, child custody is an extremely important aspect that must require great consideration by the court. There are different federal and state laws that govern legal authority of parents to take a decision that may affect legal and physical custody of a child. These laws are in place to devise an effective… Read More »
Property Division – What Exactly Can be Divided?
One of the primary aspects of a divorce is property division between spouses. If spouses cannot mutually agree on division of their property and debts during a divorce, the court may assume responsibility of dividing their assets under Illinois Marriage and Dissolution of Marriage Act. Many couples are unclear about laws pertaining to property… Read More »
Is Uncontested Divorce A Better Option For Couples Seeking Separation?
Divorce can be a painstaking and difficult period of time for a couple. However, obtaining information pertaining to different approaches to divorce can allow them to make a better decision pertaining to their future. Due to the expenses associated with litigations, many spouses who are looking for a divorce opt for an uncontested divorce…. Read More »
Equity Division in a Divorce
From child custody to alimony, there are many aspects that may require consideration when a couple is going through an overwhelming and emotionally distressing divorce. One of the critical parts of a divorce is division of marital equity under the Illinois Marriage and Dissolution of Marriage Act. However, it can be extremely challenging to… Read More »
Divorce Tax Implications
Divorce can be an extremely depressing and crucial moment in one’s life. There are many emotional and financial factors that must be given consideration in order to complete a separation process. In these difficult circumstances, individuals most often overlook the tax implications of a divorce. Internal Revenue Service has devised a comprehensive guide on… Read More »
Business Division in a Divorce
Many businesspeople presume that they are the sole owners of their business and assets, however, the law may think otherwise in case of a divorce between couples. It is evident by a controversial divorce case in 2016, Rupert Murdoch paid her wife Anna Murdoch a gigantic amount of $1,700 million in divorce settlement. In… Read More »