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
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
Looking to Retirement Funds to Cover Child Support Arrears
In a divorce settlement agreement a Qualified Domestic Relations Order (QDRO) is a judgement decree or order that allows an alternate payee to receive all or a portion of the benefits payable to a participant in a retirement plan. In other words, if your soon-to-be-ex-spouse has contributed to a 401k or pension during the marriage,…Read More
Look at Big Picture When Determining Alimony
Men and women are closing the gender gap when it comes to education and earnings, making permanent alimony rare. However, some circumstances may justify long-term spousal maintenance. Among the factors considered for a favorable alimony ruling are lengthy marriages, age and health of the parties, and income earning potential. These may be considered as single…Read More
Illinois Spousal Maintenance
In a formula created by the Illinois State Bar Association Family Law Section Council, spousal maintenance will be more consistent across the state. For divorcing couples with a combined income of less than $250,000, maintenance awards will equal 30 percent of the payor’s gross income minus 20 percent of the payee’s gross income, not to…Read More
What Not to Do During a Divorce
Sure, there are obvious things that people know they should avoid doing during a divorce. But not all major divorce mistakes are evident to the average person, especially when they involve finances. As a result of these not-so-obvious divorce traps, many Illinois residents are left worse-off financially than they need to be following a split….Read More
Does fault matter in an Illinois divorce?
One might think that issues such as adultery, cruelty or abuse should be taken into consideration during a divorce, but for the most part, they aren’t. That’s because Illinois, like the rest of the states, follow no-fault divorce laws, which means that grounds for divorce aren’t taken into consideration when deciding how marital property should…Read More
