Posts By: MICHAEL C CRAVEN

How to Reduce Capital Gains Tax Selling the Marital Home

There are emotional and financial challenges involved with any divorce, but some parties will also need to incorporate strategies for tax matters when ending their marriage. Specifically, there can be taxable events and other tax-related issues that arise with the division of marital property. The different transactions and ownership changes that result from a dissolution of marriage may trigger the Internal Revenue Code section on capital gains and losses, particularly related to the marital ho...   Read more ...  

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Co-Parenting When You Can’t Get Along with Your Ex

Parental Responsibilities in Illinois For many parents that are divorcing, the conclusion of the process marks the end of any legal obligations or rights they have stemming from the marital relationship. Post-divorce is very different for parents with minor children, who must continue to comply with the court’s order concerning their children’s care and support. Illinois’ statute on the allocation of parental responsibilities and parenting time presumes that both parents are fit to exercis...   Read more ...  

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How do You Divide Illinois Business Assets in a Divorce?

Next to alimony and care for minor children, property division is one of the primary issues that all couples will face when going through a divorce in Illinois. Illinois divorce laws provide that assets are subject to equitable distribution.   This generally means that items will be divided between the parties according to the interests of fairness. In some cases the process seems relatively clear-cut with respect to certain real and personal property, such as the family home, vehicles, and...   Read more ...  

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Divorce After 50 and Their Unique Issues

While it is encouraging to know that the overall divorce rate in the US is at a 50-year low, a closer look at the data reveals a shocking trend. Recent US Census Bureau figures indicate that the dissolution of marriage rate is highest among individuals aged 55 to 64, a phenomenon familiarly known as “gray” divorce or “silver splitting.” If you are contemplating divorce after 50, you probably expect certain challenges with asset division and alimony. The length of the marriage, age of the...   Read more ...  

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Understanding Illinois’ Equitable Distribution in a Divorce

While it is true that every divorce case is different, there is one common issue that most parties going through the process will face:   Addressing the property that you share Divvying up these items according to state divorce laws There are generally two legal approaches to assets in divorce:   Community property Equitable distribution Illinois falls into the second category. In general, the process for dividing assets under Illinois equitable distribution statute revolves around...   Read more ...  

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Parenting Plan Must Haves: Schedules for School, Holidays, and Vacations

The school year is underway for children throughout the Chicago area, and many families continue to adjust to the new schedule to accommodate classes, sports, and other activities. For co-parents who share custody, the start of school might also mean addressing your Illinois parenting plan. The arrangement that was in place over the summer may not be workable now that children have a different structure. Plus, the holidays and vacations that are closely tied to school will impact your family ove...   Read more ...  

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