As of January 1, 2019, the federal Tax Cuts and Jobs Act (TCJA) significantly altered the tax treatment of alimony payments. For divorce or separation agreements executed after December 31, 2018, alimony payments are no longer tax-deductible by the payer, nor are they...
Illinois courts seek to divide property equitably when asked to rule on a divorce. They do not have time to compile a list of all the assets you hold, so expect each spouse to present an honest list of assets. Once the court has this list it can determine which assets...
If you get a divorce, you may cede your Illinois home to your spouse. However, if your name is still on the mortgage before, during or after the divorce, you could still be liable for payments even if you no longer have a right to the property. There are several ways...
Conducting business and processing a divorce are separate endeavors that require significant time, effort and financial resources. When taken on simultaneously, they can be profoundly disruptive to both company and family members. Thus, it will help if soon-to-be...
You and your spouse have worked hard to accumulate valuable assets and build the marital standard of living you enjoy today. It does not matter whether one took on the role of homemaker while the other pursued a rewarding career or you have a dual-income household....
In Illinois, marriage often means merging two lives and continuing favorite pursuits together, such as art collecting. However, if the relationship ends in divorce, a cherished art collection can become part of the marital assets up for division. If you have artwork...
When a couple in Illinois decides to seek a divorce, the process will involve dividing their assets. This part will include identifying separate and marital assets. Trust assets are one type of asset over which you and your ex might become contentious if one spouse...
A divorce involving Illinois spouses with significant assets could involve complex negotiations for a fair settlement. Sometimes, one party might have substantial assets and a net worth more significant than the other. The one of lesser means may need to look closer...
Getting a divorce is often an emotional rollercoaster. It’s even more complicated when dealing with property. What to do with the family home is a question that many divorcing Illinois couples face. Here are options to help you decide what to do with your family home...
If you and your spouse have collected antiques and art during your marriage, those collectibles can comprise a considerable portion of your marital property. Yet, valuing those items when contemplating divorce in Illinois can become difficult. Here is what you can do...
