Common Mistakes in a High Net Worth Divorce

When you are planning for your divorce and taking the early steps to dissolve your marriage, it is important to consider commonly made mistakes so that you can avoid them. In a high net worth divorce, or high asset divorce, there are a variety of common errors that can result in significant financial losses. By learning about those errors, you may be able to prevent making them yourself. The following are some of those common mistakes to consider as you[...]

What Will Happen to My Divorce if a Chicago Court Thinks Reconciliation is a Possibility?

As you may know, if you plan to file for divorce in Chicago, Illinois divorce law operates entirely on a no-fault basis. Accordingly, the party who has plans to file for divorce will not allege fault-based grounds for seeking a divorce, but rather will state the no-fault grounds under the Illinois Marriage and Dissolution of Marriage Act (IMDMA). In short, a party who files a petition for the dissolution of marriage must state that irreconcilable differences exist and the marriage[...]

What are the Benefits and Limitations of a Legal Separation?

If you are considering the benefits and limitations of a legal separation instead of a divorce in Chicago, it is important to understand the pros and cons. Like divorce, most legal matters pertaining to legal separation arise under the Illinois Marriage and Dissolution of Marriage Act (IMDMA). For various reasons, some Chicago residents consider legal separation instead of divorce. Sometimes married couples plan to go through a legal separation with an eye toward a divorce in the future, while others[...]

How Can I Avoid Paying High Taxes on Alimony?

Anyone in Chicago who gets divorced and is required to pay alimony—known as spousal maintenance or support under the Illinois Marriage and Dissolution of Marriage Act (IMDMA)—should know that they will have to pay taxes on that money. Under older tax laws, the party who received alimony payments would pay taxes on that money as if it were income, and the party making alimony payments would be able to deduct that amount before taxes. However, as you probably know, the[...]

Am I Entitled to Receive Spousal Support?

If you are thinking about filing for divorce or know that your spouse will be filing soon, you are likely thinking about the financial aspects of the divorce and whether spousal maintenance will come into play in your divorce case. In particular, when one of the spouses was the primary earner during the marriage, the other spouse likely is concerned about whether he or she will be eligible to receive spousal support. We want to say more about how the[...]