Chicago Illinois Family Law Blog
Forensic accounting may be defined as the use of accounting skills to investigate fraud or embezzlement, or to analyze financial information for use in legal proceedings. In divorce proceedings, forensic accounting can help uncover essential data and provide critical documentation to support your case.
Divorce can have adverse consequences, not least of which could be damage to your credit score. Although your marital status is not included in your credit report or factored into your rating, it can indirectly lead to financial situations that can hurt your credit. However, there are steps you can take to help protect your credit if you are going through a divorce.
The Illinois State Police have some troubling statistics on their website: every 15 seconds, a woman in the U.S. is beaten, often by a romantic partner. To combat this, the State of Illinois passed the Illinois Domestic Violence Act of 1986, and our recent Supreme Court rulings have put more “teeth” into the legislation.
Spousal maintenance (called alimony or spousal support in other states) is the payment of money from one spouse to another after a divorce. Its purpose is to help prevent financial and social hardship and disruption for the spouse who was financially dependent on the other spouse. There have been recent, significant changes to Illinois spousal maintenance laws.
So, you finally got that promotion you’ve been working toward. Congratulations! The hard work and dedication to your career has paid off once again. Now, you have a nice new position, and (we hope) a hefty raise to go along with it. However, once the dust has settled and you’ve had enough time to revel in your achievement, perhaps a question popped into your head. It’s one that many divorced parents face when they find themselves in a similar position: “Will this promotion affect my child support payments?”
Today, many couples end up marrying later in life. What that means is each partner already has a life of their own, and more to lose if something goes wrong in the marriage. If you haven’t already, we recommend considering a prenuptial agreement to give yourself an extra layer of legal protection. Here are the facts about prenups.
Equitable distribution. Dual classification. What do these words have to do with your home, your valuables, your taxes, and your retirement? Plenty, if you’re getting a divorce. In our latest infographic, Nottage and Ward, LLP, explains how Illinois divides assets after the breakdown of a marriage.
For most of mankind’s history, marriage has been something of a business decision. A man and a woman were legally bound, often in arrangement by the parents of each party. A dowry of wealth in goods or money was brought by the bride and presented to the husband. Children were expected in the very near future, again, often a part of an agreed-upon business decision; and indeed, when it comes to many household chores or farm work, children were a necessary part of a functioning home. In some cases, having so many children required some of those older kids to take care of the younger ones.
Throughout the last decade, we’ve marked the milestone 50th anniversary of many significant events of the 1960s that altered our lives: the March on Washington; the assassinations of Martin Luther King, Jr., Malcolm X, John Kennedy, and Robert Kennedy; the beginning of the Vietnam War; Medicare signed into law; and the Voting Rights Act established—the list is staggering.
And as we close out this decade, February 13th of 2019 represents the 50th anniversary of a meeting involving three people you likely have never heard of, but whose importance puts them on this list. Their names are Bill Jones, Mary Davidson, and a 2-year-old boy named Aaron.
Effective January 1, 2019, the taxability of maintenance payments (spousal support) from one spouse to the other has changed. The Tax Cuts and Jobs Act, which was signed into law in December 2017, reversed the 77-year-old tax law that had allowed the higher-earning spouse to deduct his/her maintenance payments and required the lower-income spouse receiving the payments to pay the tax.
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