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Monthly Archives: June 2018

Tax reasons to divorce in 2018

Tue 26 Jun, 2018 / by / Firm News

Divorce in one tax year versus another affects filing status, deductions, and credits. Consult your tax professional about timing; some divorces finalized early in January may offer tax advantages versus finalization in December. Child support and spousal support have different tax treatment that impacts overall financial planning. People in Illinois …

Illinois in the bottom five for custody time for fathers

Sat 23 Jun, 2018 / by / Firm News

Illinois law provides for equal parental responsibility (custody), but fathers historically receive less custody time. Recent statutory reforms encourage equal sharing of parenting time. Fathers should aggressively pursue parenting plans during divorce to secure substantial time; family courts now more readily award equal custody when it serves the child. For …

Will I lose my business in a divorce?

Tue 5 Jun, 2018 / by / Firm News

A business owned before marriage is likely separate property and does not divide in divorce. A business developed during marriage is marital property subject to division. Illinois courts value businesses through expert appraisal and typically award one party the business while awarding the other party other assets of equal value. …