Posts in Financials
Financial Tracing

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.

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Maintenance

Maintenance, 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.

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Imputing Income

In 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.

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FinancialsErin Wilson
Tax Considerations of the Division of Assets in a Divorce

An 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. 

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529 Plans and College Expenses

Section 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.

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FinancialsErin Wilson
Overpayment of Child Support

It 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.

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FinancialsErin Wilson
Child Support Modification

Child 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).

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FinancialsErin Wilson
Termination of Maintenance

Maintenance, 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.

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FinancialsErin Wilson
Health and Life Insurance and Divorce

During 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.

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FinancialsErin Wilson
Discovery

After 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.

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FinancialsErin Wilson