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Blog Posts in September, 2018

  • How Does Inheritance Affect the Equitable Distribution Process?

    In an Illinois divorce, the court determines asset distribution and debt allocation based on “equitable distribution.” As the term implies, equitable means fair, not equal. This flexible system means that separating spouses may not receive a strict 50/50 split. The court considers multiple factors when determining equitable distribution: Duration of the marriage The earning abilities ...
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  • Forensic Accounting & Your High-Asset Divorce

    It’s normal for separating couples to experience some degree of conflict during divorce proceedings, particularly when it comes to the equitable distribution of assets. Because Illinois doesn’t have any laws that require an equal distribution of assets, spouses may find themselves standing before a judge who is responsible for deciding how their marital property should be divided ...
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  • The Benefits of Modifying Alimony

    Each marriage is defined by unique family and financial dynamics that must be taken into account during divorce determinations. In certain cases, the court may award a lower-earning spouse alimony to make the transition to single life (and a single income) easier. In theory, alimony is to provide financial assistance while a spouse pursues new job or educational opportunities. It’s entirely ...
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  • Your Divorce & the TCJA

    If you and your spouse are seriously considering a divorce, there may be no time like the present to file your petition and complete the process. As 2018 crawls to a close, we are getting closer and closer to the last tax season that provides certain tax benefits to divorced couples. The Trump Administration passed the Tax Cuts and Jobs Act (TCJA) in December 2017, and the legislative changes will ...
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