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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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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Health and Life Insurance in 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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