In an Illinois personal bankruptcy proceeding a debtor may be granted a discharge of his or her debt. When a bankruptcy petition is filed, a
Divorce When Approaching Retirement
Many older couples considering divorce often wonder if splitting up is financially feasible as they approach retirement. It is important to consider
Does It Make Good Financial Sense to Keep the Family Home in a Divorce?
If one spouse wants to keep the family home in the divorce, it is important to decide if it makes good financial sense. A detailed analysis of
More Women Divorcing After 50
Despite potential financial consequences, well over half of all divorces over the age of 50 are initiated by women who tend to fair worse financially
Financially Dependent Spouse in a Divorce
It is not uncommon for one spouse to stay home to raise children while the other earns income working outside of the home. A spouse who has not worked
Understanding Equitable Division of Marital Property in Illinois
There are two ways in which states divide marital property in a divorce: community property method and the equitable division method. The less common
Dividing Stock Options in a Divorce
Employee stock options and restricted stock units (RSU’s) are assets that may be subject to the division of marital property in a divorce. Many
Options to Divide a Business in a Divorce
Illinois is an equitable division state, which means that all assets accumulated during the marriage will be divided fairly by the court, unless a
Tax Treatment of Assets in a Divorce
When dividing certain assets in a divorce, it is important to consider the tax consequences. Although most property transfers incident to a divorce