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Asset Division in Illinois

Throughout a marriage, couples acquire assets, that later are often deemed “marital property”. In the course of a divorce proceeding, if the spouses cannot agree, the court will decide the manner and amount of the division of assets (and debts). A judge will first characterize assets to be either marital or non-marital property.  While this […]

Why a Business Needs an Attorney

Starting a business is an energizing experience for those with the entrepreneurial spirit that often involves developing a partnership with various individuals – an accountant and a commercial banker for example. Often, business owners may overlook the benefits of legal representation both in forming the business and then beyond. Below are some reasons why having […]

Do Your Children Need Health Care Directives?

Ashley was ready to begin her freshman year away from home in Minnesota. When August finally arrived, her parents, Donna and Brad, drove her to the place she would call home for the next four years. Things were going well, and she was enjoying her new-found independence. She also made a lot of new friends. […]

Do You Need an Estate Plan?

Do you own a home? Have financial assets like stocks or savings accounts? Are concerned about what will happen to your minor children should you pass? Want to ensure your property is distributed in a certain order? If you answered yes to any of these questions, you need to consider estate planning. Estate planning is […]

What to Do After You Have Created a Trust

Estate planning trusts can be one of the more valuable options available to administer an individual’s financial affairs during a disability or at their death.  Clients have often found that a living trust is superior to other methods.  Most individuals understand that a trust involves the creation of a document (similar to expressing one’s wishes […]

Retirement Plan Trusts

Do you have an IRA or 401(k)? You may want to consider a retirement trust as a part of your estate plan. A majority of Americans have some type of retirement account. A retirement trust allows you to manage those accounts with distributions after death controlled in one document. Retirement trusts provide value to your […]

New Pet Custody Law in Illinois

Pets have always been considered property in the eyes of the law. A new state law, effective January 1, 2018, now allows a judge to determine custody for companion animals within the context of a divorce proceeding. The law, which excludes service animals, was introduced by Democratic Senator Linda Holmes (Aurora) and treats pets like […]

Protect Your Estate during a Divorce

  The legal process of divorce can be overwhelming emotionally, especially as it relates to the financial disruption that occurs with the divorce process.  Each divorcing person has an interest in protecting their financial future-not just the near term, but also following their death.  Too often the divorce process focuses attention on the immediate change […]

The Tax Reform’s Effect on Spousal Maintenance

The new year brought new laws. One of the most highly publicized, and impactful new laws brought significant changes to the U.S. tax code. If you are an individual seeking divorce you may be affected by this new law. Illinois’s spousal maintenance is based off combined income and years of the marriage. Individuals who finish […]

What to Know Before Buying Real Estate “As Is”

The law permits the transfer of property, including real estate in the condition in which it exists (often referred to “as is”).  All buyers should be aware of what this term means, and its implications.  Under the most commonly used Real Estate Purchase Contracts1 note the following: Date of Acceptance-The condition of the property is […]

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