Financial tracing is a process that occurs in many divorce or parentage proceedings. The process typically stems from instances of needing to track a party’s sources of income, expenditures made for non-marital purposes (also known as dissipation in Illinois), or in the event a party is trying to prove the marital or non-marital nature of an asset.
Read MoreMaintenance, formerly known as “alimony”, is financial support provided by one party to another after a marriage. Not every party will be entitled to receive maintenance and certain factors must be considered to determine if maintenance is appropriate.
Read MoreIn domestic relations proceedings, imputing income is a term used to describe the process of assigning a certain amount of income to a parent or spouse for the purpose of calculating child support or maintenance.
Read MoreAn important consideration when negotiating a divorce settlement is whether there are any tax consequences for a spouse being awarded certain marital assets. Often the most equitable way to divide a marital estate is for each party to be awarded assets “in kind”, meaning similar amounts of similar types of assets. That way each party is in a similar financial position post-divorce.
Read MoreSection 513 of the Illinois Marriage and Dissolution of Marriage Act (IMDMA) addresses the allocation of college expenses between parents and the child attending college. Specifically, this section outlines the factors that a court should consider when determining the allocation of college expenses, as well as the types of expenses that are eligible for reimbursement and allocation between the parties.
Read MoreIt is often discussed what happens when one parent is underpaying the amount of child support that they are ordered to. Although less common, there are occasions where one parent overpays the amount of child support that they are supposed to.
Read MoreIt is generally known that a parent will likely have to provide child support for minor children to their coparent. However, there is also the matter of determining expenses outside of the scope of child support that a parent will need to contribute to and the percentage of that contribution.
Read MoreChild support is a monetary amount owed by one parent to the other for the support of the parties’ shared minor child or children. Child support is set by looking at both parties’ incomes and the amount of overnights each party has with the minor child(ren).
Read MoreOftentimes during divorce or parentage matters, the issue of which parent will receive the tax exemption for the minor child becomes a contested issue. In determining this issue, there are two relevant sections of law to examine.
Read MoreMaintenance, formerly known as alimony or spousal support, are funds paid by one party to the other either during a divorce proceeding or post judgment for the other party’s support. Maintenance is awarded to a party after the court considers a variety of different factors.
Read MoreDuring the pendency of divorce, people often wonder what rights or obligations they have in regard to health and life insurance. It is a common scenario that one spouse receives health insurance through their employer and the other spouse is included on the health insurance plan. When parties separate, a concern arises as to what the uninsured spouse will do for insurance, especially if they are not employed or not offered health benefits by an employer.
Read MoreDissipation is the spending of marital funds, for a purpose that is not for the benefit of the marriage, during the time period after the breakdown of the marriage and the finalization of a divorce.
Read MoreThe home that parties reside in during the course of the marriage is often referred to as the “marital residence”. The marital residence is a part of the marital estate and each party is entitled to an equitable division of marital property.
Read MoreAfter the initiation of a parentage or divorce case, the typical next step is for each party to engage in the discovery process. The discovery process involves each individual turning over financial documents that show income, assets, and liabilities.
Read MoreFees and costs are always a hot topic when deciding to retain an attorney. Individuals going through divorce need to also be prepared for other expenses that may come up during divorce proceedings.
Read MoreDuring divorce, people rarely consider altering their estate plan in the event of death or incapacitation. We hope this article gets you thinking about it.
Read MoreA Qualified Domestic Relations Order, or a QDRO, is a special court order that allocates the retirement benefits that a former spouse has earned through participation in a retirement plan.
Read MoreThe Law Office of Erin M. Wilson is here to ensure that you receive your fair share for the care and support of your children and yourself.
Read MoreA common question many family law attorneys are asked is who will be responsible for the attorney fees in a divorce or custody case?
Read MoreA huge part of divorce is family finances - both planning before a divorce and maintaining during the process. This can be daunting, but here are a few tips.
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