Kogut & Wilson is pleased to announce that Stephanie Tang has received the Illinois State Bar Association’s (ISBA) Young Lawyer of the Year Award for Cook County. Each year the ISBA Young Lawyers Division presents this award to two individuals, one who practices within Cook County and one outside the county. Nominated by numerous industry peers, Stephanie was recognized for her significant contributions as an outstanding young lawyer, including her achievements in the practice of…

IRMO Salvatore Muddies Child Support Modification Waters Up until Salvatore, a formerly unemployed spouse obtaining a full-time job was almost a guaranteed “substantial change in circumstances” that would warrant a modification of child support in court.  The Salvatore decision complicates this analysis by placing a greater focus on what was initially contemplated at the time the prior child support order was entered. Pertinent Facts: Three kids were born to the parties. The original Marital Settlement…

Many parents relocate their families over the summer – often from the city to the suburbs – as to not disrupt their children’s school year. But divorced parents may not realize their parenting agreement has specific provisions about where and when they move. Legal and physical custody provisions Divorce agreements in Illinois often address both legal and physical custody. Legal custody deals with the rights parents have to make major life decisions such as schooling…

Stephanie Tang will share insights on the options divorcing couples have for addressing joint property like the marital home as part of a webinar hosted by Guaranteed Rate later this month. During this hour-long program, Stephanie will discuss the pros and cons of the options divorcing couples have for the marital home, including selling, title transfers and refinancing. She will be joined by Michael Schenk, Vice President of Mortgage Lending at Guaranteed Rate. The webinar…

Is Cryptocurrency The New Swiss Bank Account?   Introduction Imagine you have a coin that is worth thousands of U.S. Dollars.  Except unlike the traditional coin that you can hold in your hand, this coin only exists digitally.  This is the concept behind Bitcoin, the first and most well-established cryptocurrency.  Cryptocurrency is a new class of assets that is becoming increasingly popular, not only in the United States, but across the world.  Cryptocurrency defies the…

As college acceptance letters begin coming in for high school seniors, parents are tackling the question of how they will afford it all. Divorced parents have additional factors to consider both when completing financial aid forms and when negotiating with a former spouse about contributions. What does your divorce settlement say? Reviewing the divorce agreement is an important first step. Many people mistakenly believe that their former spouse is required to pay 50% of college…

The surprising lack of a prenuptial agreement is one of the many interesting facets of Amazon CEO Jeff Bezos’s impending divorce. Prenups are becoming more common – and not just among the one percent. Here are a few key learnings from this high-profile split. A prenup is a contract entered into prior to marriage that describes how you and your future spouse agree to divide your property in the event of a divorce. If you…