If you are paying spousal maintenance or child support following a divorce, you may wonder what happens if you lose your job. You may be surprised that you could be obligated to pay whatever you were paying while employed, so it is important to discuss your circumstances with an attorney before you assume anything. There…Read More
2018 Divorce Grandfathers Alimony Tax Deduction for Many
If there was ever a good time to divorce, 2018 is it…especially for wealthy Americans. That is because of the new tax law, effective January 1, 2019, that eliminates the tax deduction of alimony payments. Financial planners and attorneys alike are warning wealthy clients to get a move on if they are contemplating divorce, because…Read More
New Tax Law Impacts Keeping the Family Home in a Divorce
The recently enacted tax law, effective January 1, 2019, will have a number of impacts on divorcing couples. The new tax law not only eliminates the tax deductible allowance of spousal maintenance for payers, but will also have implications on the valuation of closely held businesses and property tax deductions. Alimony Under the New Tax Law…Read More
Lump Sum Spousal Maintenance Offers
Permanent periodic spousal support is often awarded when a couple is married for many years before the divorce and the lesser earning spouse is unable to achieve a lifestyle comparable to the one enjoyed during the marriage. This is often the case when one spouse gives up a career to raise children for many years…Read More
‘Manimony’ aka Alimony for Men
As women’s career opportunities increase and their earnings become greater, they may be on the hook to pay alimony to their ex following a divorce. In a sign of the times, ‘manimony’ is on the rise, a nickname used to describe the rise of alimony payments made to men. In 1979, the general notion that…Read More
Alimony Tax Deductions Disappear
The Tax Cuts and Jobs Act of 2017 signed into law last month will change the tax treatment of alimony payments for couples divorcing after December 31, 2018. Currently, the payor of alimony deducts spousal maintenance payments from their taxes and the recipient claims the amount received as income. The arrangement, as it stands, benefits…Read More
Determining Child Custody and Support for a Disabled Child in a Divorce
When there is a child with special needs involved in a divorce, issues of child custody, visitation, child support, spousal maintenance and property division are significantly more complex. As a guiding principle, courts consider what is in the best interest of the child when deciding parenting time arrangements, aka child custody and visitation. However, determining…Read More
Illinois Petition for Temporary Relief in a Divorce | Emergency Motions
If you are dependent on your spouse’s income and are considering divorce, you may worry about how you and your children will get by financially until everything falls into place. You may also be concerned about how the custody of your children will be handled or whether you will be able to stay in the…Read More
Divorcing Stay-At-Home-Parents Need Alimony to Bridge Gap
Despite the common perception that women make out better than men in a divorce proceeding, the truth is that they typically see a reduction in income when a marriage ends, whereas men often see an increase. The main reason is that many women (and sometimes men) put their career on hold to raise kids, making…Read More
Evidence of Cohabitation May End Alimony Payments
Enthusiastically supported by grass-roots alimony reform groups, a proposed Minnesota Alimony Reform bill (HF 1333) would require that payments end when the payee provides evidence of an ex’s cohabitation. If passed, payers of alimony turned sleuths may want to include the presence of joint bank accounts, shared living expenses, recognition of the relationship by family…Read More
