Address 1200 Harger Road, Suite 706, Oak Brook, IL 60523
630-472-9700Available 24/7
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Kathryn L. Harry & Associates, P.C.
630-472-9700Available 24/7

Posted on in Child Support

Illinois divorce attorney

During a divorce, there are some occasions when one spouse is ordered by the court to pay both spousal maintenance and child support. However, the financial burden created by such an arrangement can be painful, especially considering the income tax treatment of child support and spousal maintenance. Illinois law permits the parties, who reach a settlement agreement, to classify both kinds of support payments in such a way as to keep more money in the hands of the family due to tax savings. 

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Lombard high net worth divorce attorneyWhen a married couple decides to end their relationship, the process of divorce can often be complicated and difficult. Whether the divorce is contentious or amicable, separating two lives that have been closely linked for years may raise some never before considered questions. When a couple has a high net worth, things become much more complex. As couples work to reach an agreement on how to divide their marital property, they should be aware of the following issues: 

  1. Stock options - Even if they do not fully vest until after a divorce is finalized, stock options may be considered marital property and be subject to property division in divorce if they were awarded during the marriage. However, in some cases, other considerations may apply, such as if options were awarded to promote future employment or performance. 
  1. Investments and retirement accounts - The marital portion of 401(k) or IRA accounts or pensions may be divided equally between spouses, without incurring income taxes or penalties. In the case of certain pensions and 401(k) accounts, funds are transferred between spouses using a Qualified Domestic Relations Order (QDRO). The QDRO is a separate order, usually entered by the Court following the divorce decree, which directs the plan administrator to transfer marital funds to the IRS-qualified retirement account of the former spouse. On the other hand, Individual Retirement Accounts may be transferred without the entry of a QDRO and in accordance with the terms of the divorce decree.
  1. Business valuation - Businesses owned by one or both spouses may be considered marital property if they were established or acquired during the marriage. If one spouse owns a business he/she acquired prior to the marriage, but the other spouse contributed to the business, then the business may be considered marital property and be subject to division. Often times, it is impractical to close the business or sell its assets to divide the proceeds between spouses. Rather, one spouse may desire to own the business and continue to operate it, free and clear of the other spouse. In these cases, a valuation of the business must be performed to determine the fair market value of the business so that some other marital asset of equal or similar value may be awarded to the other spouse.  
  1. Real estate - Any real property owned jointly by both spouses is subject to equitable division. If one spouse owned a residence prior to the marriage, but the other spouse contributed to improvements to the home during the marriage, then it may retain its non-marital status. But, the other spouse may be entitled to a reimbursement for his/her contribution to the other spouse‚Äôs non-marital estate. 
  1. Tax consequences - Spouses should be aware of whether property transferred into their name pursuant to the divorce judgment will be tax-free or subject to regular income taxes or capital gains - and take this into consideration when deciding how to divide property. 

Contact a DuPage County Divorce Lawyer

During a high net worth divorce, it is always a good idea to review your finances with a skilled attorney to be sure you fully understand the implications of the decisions you make as you divide your marital property, assets, and debts. The experienced divorce attorneys at Kathryn L. Harry & Associates, P.C. will work with you to protect your rights and promote your best interests throughout the divorce process. Contact our Oak Brook property division attorneys at 630-472-9700 to schedule a free consultation. 

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Posted on in Uncategorized

Kathryn L. Harry & Associates, P.C. is excited to become a sponsor of the Wheaton Newcomers Club, a social organization serving over 125 local families and connecting residents in the towns of Wheaton, Winfield, and Warrenville, as well as the surrounding areas.

About the Wheaton Newcomers Club

The Newcomers Club is not only for people who have recently moved to the area. The group consists of both new and long-time residents of Wheaton, Winfield, and Warrenville, and includes working women, stay-at-home moms, as well as both singe and married women of all ages.

The goal of the Newcomers Club is to help in meeting the needs of all local families by connecting area women and helping to build lifelong friendships. The club keeps all of its members informed about local resources and fun things to do in the area. In addition, members have access to discounts on goods and services from local businesses. Kathryn L. Harry & Associates, P.C. is proud to sponsor the club in its ongoing efforts to provide many free and inexpensive activities for women, adults and their families.

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Posted on in Uncategorized

Kathryn L. Harry & Associates, P.C. is now a proud sponsor of the Glen Ellyn Newcomers Club, a club that serves nearly five hundred local women and their families. The club promotes activities for all ages and stages of life, and Kathryn L. Harry & Associates, P.C. supports the club in its efforts to create a vibrant, active and social community in Glen Ellyn and the surrounding areas.

Kathryn L. Harry & Associates, P.C. is now a supporter of some of the most popular annual events in the area, including the Fall Family Fest, the Glen Ellyn Independence Day parade, and Breakfast with Santa, and hopes this sponsorship leads to even greater connection in the local community.

The Glen Ellyn Newcomers Club Encourages Connection

Connecting new residents of Glen Ellyn to long-time residents of the area is the goal of the Newcomers Club. To make things fun, the club encourages many ways to get together with other residents and many activities for residents to be involved in a variety of interests.

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Kathryn L. Harry & Associates, P.C. is proud to announce our association with and sponsorship of the Newcomers and Neighbors of the Greater Hinsdale Area social club. If you've not heard of this organization before for some mysterious reason, especially if you're new to the area, then you should do yourself a favor and check it out. And although the official name says Hinsdale, it encompasses much more. As their website says, membership is also open to all residents, both established and new, of the nearby towns of Oak Brook, Clarendon Hills, Burr Ridge, and Westmont.

So what is the Hinsdale Newcomers & Neighbors all about? Let Janet Roxworthy, co-president of the club, recently quoted in the Chicago Tribune, sum it up: "If you have been looking for fun new ways to meet people in the area, Newcomers & Neighbors is a great way to make connections. Whether you are new to town or a long-time resident, Newcomers & Neighbors is a club that creates opportunities to get together with people who have similar interests by providing socials, activities, clubs and sports on a regular basis."

For those of you who have been involved with similar groups in the past that were disappointing because they just never really did anything, well you're in for a pleasant surprise. This is a very active club with a lot of enthusiastic members, and there are always fun activities and events to attend, held monthly and even weekly. There are both formal social events where just about everyone comes together, and smaller groups of people pursuing shared interests.

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