How Are 529, UTMA, and UGMA Accounts Handled in an Illinois Divorce?
During an Illinois divorce, all of the assets and debts that a married couple has acquired must be equitably divided. “Equitably” does not necessarily mean equally; rather, it means that the property must be divided between the spouses in a fair manner. All property that a married couple has acquired from the date of the…
Read MoreChild Support in Illinois: Can a Parent be Ordered to Pay College Expenses?
It is well known that the parents of young children are obligated to take care of them—physically, emotionally, and financially. When parents separate or divorce, Illinois law requires that the children remain supported, generally until they reach 18 years of age or graduate from high school. However, in some cases, a parent may also be…
Read MoreIllinois Divorces: What is the Difference Between Marital and Non-Marital Property?
In a divorce, all aspects of a couple’s life must be divided, including the property that has been accumulated throughout the marriage. All of the assets and debts acquired during the marriage must be identified, valued, and divided before a divorce may be final. However, some property may not be subject to division if it…
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