Title ownership matters. Even with the changes to the 2016 Illinois law. Its a common misconception that once you are married, half of everything each spouse owns belongs to the other spouse. As a result, people often see little harm in transferring a pre-marital asset titled in their own name … [Read more...] about Pre-Marital Property – Title Still Matters
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Income Shares Comes to Illinois
With the passage of income shares legislation (Pub. Act 100-15), Illinois law regarding child support dramatically changes. Prior to the passage of the income shares legislation, Illinois had comprehensive changes to its family laws in virtually all areas other than child support. This is because … [Read more...] about Income Shares Comes to Illinois
Illinois Requires Post-High School Support
Illinois remains one of only several states that extends a parents obligation to the support of children after the age of majority even in cases where the child is not disabled. Thirteen states, including Illinois, require post-high school education support while an additional 11 states will … [Read more...] about Illinois Requires Post-High School Support
Income Shares and Standardized Versus Individualized Taxes
Taxes affect the calculation of child support and therefore the issue based upon the income shares legislation about whether we base child support on gross income or net income will have a significant effect. Key language in the income shares legislation was a compromise allowing the critical tax … [Read more...] about Income Shares and Standardized Versus Individualized Taxes
Don’t Cancel Spouse’s Health Insurance
Don't cancel the health insurance for your spouse just yet. While it does not happen often, there are cases were as soon as a divorce starts, one spouse cancels a group health insurance plan for the other spouse. Usually, this is a serious financial mistake. First, the cancellation probably … [Read more...] about Don’t Cancel Spouse’s Health Insurance
Primary Driver of Divorce Cost
My father-in-law tells a joke involving two landowners in Ireland having a dispute. Each hires his own lawyer and files against the other. The lawyers meet for lunch. One lawyer leans over to the other and says "What we have here are two birds in fine feathers. You pluck yours and I'll pluck … [Read more...] about Primary Driver of Divorce Cost