Victims of domestic abuse often leave the family home with or without children to escape to safety, or sometimes get a restraining order barring an abusive spouse from entering the home if they stay put. When couples separate due to domestic violence, a lesser earning spouse may be left without needed financial resources. During the…Read More
Division of Property and the Award of Spousal Maintenance Depend on Various Factors
Every divorce is different. There are varying degrees of complexity ranging from an uncontested divorce, where a couple was married briefly, with no children, and few assets to divorces that involve contested child custody or complex financial assets. Because every situation is unique, it is crucial to work with an experienced attorney to reach a…Read More
Modify or Terminate Illinois Spousal Maintenance
In some divorce cases, an Illinois court will award spousal maintenance, also known as alimony, to a financially dependent spouse either temporarily or permanently. Temporary or periodic support usually terminates when a recipient acquires the education or skill necessary to be gainfully employed, and both temporary and permanent alimony may terminate if the recipient marries…Read More
Types of Spousal Maintenance in Illinois
There are three types of spousal maintenance, also known as alimony, that may be awarded in Illinois; temporary, rehabilitative and permanent alimony. Temporary spousal maintenance can be requested while a divorce case is pending so that a supported spouse can stay financially afloat during the divorce process. The court will evaluate each spouse’s income to…Read More
Tax Deduction for Spousal Maintenance Payments Gone Baby Gone
Its tax season once again and, starting Monday, the Internal Revenue Service is ready to process your tax return. As you prepare your 2019 taxes, there are changes to the tax treatment of spousal maintenance to keep in mind. The Tax Cuts and Jobs Act enacted new tax rules regarding spousal support payments, also known…Read More
Life Insurance Benefits Protecting Child and Spousal Support
Child support is often awarded in a divorce to support minor children. If children are very young at the time of the divorce, a payor may be obligated to pay child support for many years to come, sometimes throughout their college years. Of course, a lot can happen over the course of 10 to 20…Read More
Calculating Illinois Spousal Maintenance Effective January 1, 2019
Maintenance payments (aka alimony or spousal maintenance) may be granted by the court during a proceeding for the dissolution of marriage, legal separation, declaration of invalidity of marriage, or dissolution of a civil union. Awarding maintenance payments a spouse may be appropriate depending on factors such as the income and property of each party, present…Read More
Job Loss – Child or Spousal Support Modification
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
