Many divorces are completed without specific payment amounts referenced for college expenses. This scenario often results from the reality that when the divorce is finalized, the child may be too young to correctly project the actual college costs, and therefore…
Allocation of Assets A primary issue in divorce is the allocation of assets and the division of debts acquired throughout the marriage. Cooperation from both parties can result in a smoother divorce process. Marital assets subject to division can include…
The Tax Cuts and Jobs Act (TCJA) was signed into law on December 22, 2017. To ease the transition brought by the new law, the application of many individual tax changes were pushed back to take effect until 2019. One…
Throughout a marriage, couples acquire assets, that later are often deemed “marital property”. In the course of a divorce proceeding, if the spouses cannot agree, the court will decide the manner and amount of the division of assets (and debts).…
The legal process of divorce can be overwhelming emotionally, especially as it relates to the financial disruption that occurs with the divorce process. Each divorcing person has an interest in protecting their financial future-not just the near term, but also…
Pets have always been considered property in the eyes of the law. A new state law, effective January 1, 2018, now allows a judge to determine custody for companion animals within the context of a divorce proceeding. The law, which…
The new year brought new laws. One of the most highly publicized, and impactful new laws brought significant changes to the U.S. tax code. If you are an individual seeking divorce you may be affected by this new law. Illinois’s…
The new year brought new laws. One of the most highly publicized, and impactful new laws brought significant changes to the U.S. tax code. If you are an individual seeking divorce, a homeowner or potential home buyer, or a business…
Domestic violence occurs through abusive behavior or violent confrontation against an intimate partner or any other household member (past or present). Being a victim of domestic violence can have far-reaching, lifetime impacts. Domestic violence affects individuals regardless of gender, religion,…
In January 2016 amendments were made to the Illinois Marriage and Dissolution of the Marriage Act. (“IMDMA”). These changes instituted new terminology, words like “custody” and “visitation” have been replaced with terms like “parental responsibility” and “parenting time” to emphasize…