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
Civil Orders of Protection

Orders of protection are legal documents that safeguard individuals from “abuse, neglect, or exploitation” (750 ILCS 60/214 (a)). Abuse, neglect, or exploitation are defined as “harassment, interference with personal liberty intimidation of dependent, physical abuse, or willful deprivation, neglect or exploitation, or stalking” (750 ILCS 60/214 (b)(1)).

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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
Restrictions on Parenting Time

Parenting time can be restricted if the court finds that a parent has engaged in conduct that seriously endangered a child’s mental, moral, or physical health, or behavior that significantly impaired the child’s development. Under 750 ILCS 5/603.10, if a court makes this determination, then the court can enter orders with certain restrictions on a parent to protect the child.

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Parenting Plans for Older Children

A parenting plan is a written agreement that allocates both decision making responsibilities and parenting time to the parties in a divorce or parentage matter. When creating a parenting plan for older children, those who are in middle school and high school, there are different things to consider than when making a parenting plan for younger children.

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