If you are getting a divorce in Illinois, then it is a good idea to become familiar with the state’s property division laws. At Lois Kulinsky & Associates, LTD, we understand that it can be difficult to understand the difference between marital and non-marital property. However, understanding how the laws defines each type of property is essential when navigating your divorce.
Would you know if your spouse was hiding assets from you? If you have not taken a lot of interest in your marital finances, it is very possible that he or she has accounts or property of which you may not be aware. If you are going through the divorce process, you may be getting the short end of the stick -- so to speak -- in your final settlement unless you are able to uncover these hidden assets.
Every year, you have to file your taxes, and if you pay or receive alimony in Illinois, you may be wondering how you report it to the IRS. The short answer is that you must report it, but the IRS may define alimony a bit differently than you or the courts. At Lois Kulinsky & Associates, Ltd., we understand that this can be a little difficult to understand. However, it is essential to make sure you are clear on how to report alimony on your taxes.
If you have children and are getting a divorce in Illinois, you will hear the term “parenting time.” This is a newer term being used instead of visitation. We at Lois Kulinsky & Associates, LTD, are familiar with parenting time and how it applies to divorce cases. It is important that you, too, become familiar with this term and what it means.
Those who are unable to pay child support may face various consequences, some of which can completely upend life. In Wheeling, and cities throughout Illinois, back child support can result in steep financial penalties and arrest. Moreover, unpaid child support could leave a non-custodial parent unable to use his or her passport if they wish to leave the country. For those who are passionate about travel or need to head overseas for business, this is often devastating.
If you are considering a divorce in Illinois but have accounts, real estate, antiques or other personal possessions that are highly valuable or complex, then you will likely be facing a high asset divorce. At Lois Kulinsky & Associates, Ltd., we have experience with situations like this where there may be some special circumstances not found in other divorces. Depending on your finances and investments, there may be high asset divorce legal services that you will need.