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
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
Proposed Changes to Illinois Maintenance in Answer to New Tax Bill
As a result of the December 2017 federal income tax bill, starting January 2019, alimony payments, which Illinois calls maintenance, are no longer tax deductible by the payer and taxable to the recipient. In response, the Illinois State Bar Association Family Law Section Council, of which Attorney Michael Strauss is Secretary, created a small committee…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
Illinois could see changes to spousal maintenance laws
A proposed bill would change the laws about spousal maintenance awards, creating a formula for determining the amount and length of awards. In May 2014, the Illinois legislature passed a bill that would reform the state’s spousal maintenance laws. The bill is awaiting the governor’s signature. If the bill becomes law, it would take effect…Read More
