Before an individual’s Petition for Dissolution of Marriage can be granted, certain requirements need to be met. Those requirements are outlined in the Illinois Marriage and Dissolution of Marriage Act and, more specifically, can be found in section 750 ILCS 5/401. Section 401, entitled “Dissolution of Marriage,” provides, in pertinent part, as follows: that the
Continue Reading »When a new tax season is upon us, we are often asked by our clients what tax considerations come up in divorce. If you have recently divorced or are considering divorce, here are 10 tax issues that arise in divorce 1. Child Support Child support payments are not tax-deductible by the parent paying child support
Continue Reading »One of the costliest parts of divorce litigation is discovery. Written Discovery is the request for you to answer questions in detail about your income, assets, standard of living, etc. These request will ask you to produce a detailed list of documents usually spanning several years. There is no way around discovery if the parties
Continue Reading »Second Parent Adoptions are typically done when a spouse has a child from a previous relationship and the circumstances allow that child to be adopted by the other spouse. As an example: Wife and Husband get married and Wife has a child from a previous relationship. Wife wants Husband to adopt this child which can
Continue Reading »A cohabitation agreement is an agreement or contract entered into between two people living together in the same household who are in a romantic relationship but not married. With more millennial couples choosing to live together, whether planning to marry or not, commingling property can get complicated in the event the relationship ends. A pre-nuptial
Continue Reading »Cryptocurrency is becoming a significant issue in divorce proceedings. Imagine having a coin worth thousands of U.S. dollars, except that this coin exists only in digital form. This is the concept behind Bitcoin, the first and most well-established cryptocurrency. Cryptocurrency is a new type of asset gaining popularity worldwide and is now playing a significant
Continue Reading »
