Posts Categorized: Divorce

In January, the new federal tax laws went into effect. These laws include changes that will impact how the tax code treats a divorce settlement.   As it relates to divorce settlements, the most significant change to the tax code involves maintenance (alimony) payments. Since 1942, spouses paying alimony have been able to write-off those payments as a tax deduction and the spouses receiving the payments have had to report the alimony as income. However, the new tax code changes how alimony i...   Read more ...  

Divorce Discovery Paperwork In Illinois divorce cases, a crucial element is how to divide marital assets. Each divorce is unique and there are a number of ways to resolve this key issue. But one thing common to all Illinois divorce cases is that complete information is imperative. As a Chicago divorce lawyer, I know that in many cases, this isn’t a major problem. Some spouses come into the divorce with shared financial responsibilities, jointly owned accounts, and no secrets. For others, ...   Read more ...  

Divorce Attorneys Should Be Aware of the Many Ins, Outs of Real Estate Law Discourse on Divorce As featured in the August 8, 2017 edition of the Chicago Daily Law Bulletin By Michael C. Craven Welcome to the second edition of my Discourse on Divorce column, in which I explore areas of law that intersect with divorce law. After examining the connection between estate planning and divorce law in my last column on April 30, in this edition, I look at how real estate lawyers can keep their clients i...   Read more ...  

No one heads into a marriage preparing for a divorce. However, a significant number of marriages end in divorce and no small amount of them because of money. Being conscious of you and your spouse’s finances can not only help you avoid marriage troubles, it can also help both of you handle the financial repercussions of divorce, if that is where the road leads you. Marital Money Tips If you are getting married, newly married or you and your spouse are contemplating a divorce due to money iss...   Read more ...