MLG LAW GROUP-CHICAGO DIVORCE AND CUSTODY LAWYERS

Lottery Winnings Ever since a majority of states acquired “lottery fever,” there have been a growing number of news stories and court opinions about how lottery winnings are to be divided in the event of a divorce. Sometimes the issue arises when one spouse wins a big lottery after the couple separates, but before a divorce becomes final. The spouse who bought the lottery ticket wants to keep all the winnings for himself or herself, while the other spouse wants a piece of the action. The rule in most states is that if the winnings came from a lottery ticket purchased during the marriage—even if the parties were separated—the winnings are marital or community property, which means they can be divided between the husband and wife. In some states, however, the winner may keep all if the parties had already separated. The Mehta Law Group 312-590-2000 www.mehtalawgroup.com

The Mehta Law Group, provides sound legal representation in the following areas: * Divorce, * Custody & Child Support * DUI/ Traffic * Contract/ Business Disputes * Real Estate Closings * Personal Injury * Landlord * Tenant Law *Forecloure Defense Flat fees and low hourly rates The Mehta Law Group 312-590-2000 info@mehtalawgroup.com

If your spouse has retirement savings, you are probably entitled, by law, to half. This money can be used for your own retirement or for a down payment on a house, relocation expenses, or other current expenses. To avoid the 10% penalty on early withdrawal, be sure to follow IRS regulations, as covered in Divorce and Retirement Assets: Getting the Money Without Getting the 10% IRS Tax Penalty. The Mehta Law Group www.mehtalawgroup.com 312-590-2000

The Uniformed Services Former Spouses Protection Act (the Act) governs the terms and conditions regarding the division of your retired pay. Simply stated, they are too voluminous to completely explain in this article. This article will specifically address the four possible methods of defining the portion awarded to your soon-to-be former spouse. In a subsequent article we will explore the issues surrounding the survivor benefit plan (SBP) as well as other issues. There are four potential options when considering a division of retired pay: a stated dollar amount, a percentage amount, a coverture fraction formula and a delayed order option. Each has its own advantage and/or disadvantage to you and/or your former spouse. Knowing how each method effects your financial situation could potentially put additional retired pay dollars into your pocket. I will comment on each below: Coverture Fraction Formula This Act states that the payment of an amount of retired pay must be expressed in doll...

Alimony in Lieu of Property Under Illinois divorce law, the so-called “equitable distribution” principle (enacted in 1977) allows courts to allocate marital property in myriad ways. The asset mix in the “marital pot” in numerous cases, however, does not lend itself to a percentage division that a court is likely to order (or on which the parties might ideally agree). Lack of liquidity is a common reality; and, in some such cases, the would-be property transferor may prefer to draw on future income so as to effect a buyout of marital property claims. Commonly, this thinking leads to an arrangement in which, in lieu of property delivered to the other ex-spouse on entry of a judgment, a stream of future payments is structured as alimony for federal income tax purposes, buttressed with contractual terms providing for the stream to “ride through” most standard terminating events (such as remarriage, cohabitation, or death of the payor), as well as for the stream to be non-modifiable. ...

Chicago — Attorney General Lisa Madigan today sued a Chicago area man for fraudulently marketing acai berry dieting schemes online, as part of a national crackdown with the Federal Trade Commission against affiliate marketers that con consumers into purchasing weight loss products through phony news websites The Mehta Law Group www.mehtalawgroup.com 312-590-2000 info@mehtalawgroup.com

The Mehta Law Group, provides sound legal representation in the following areas: * Divorce, * Custody & Child Support * DUI/ Traffic * Contract/ Business Disputes * Real Estate Closings * Personal Injury * Landlord * Tenant Law *Forecloure Defense Flat fees and low hourly rates The Mehta Law Group 312-590-2000 info@mehtalawgroup.com