Laws surrounding spousal support, also known as alimony or maintenance, have recently undergone major changes when it comes to taxation. According to current Illinois law, recipients of spousal support no longer need to claim it as income, and payors may no longer deduct alimony on tax forms. Alimony is awarded to one spouse during or…
The timeline for finalizing a divorce in Illinois varies significantly. Factors that determine how quickly a divorce is settled include whether or not the divorce is uncontested or contested. Divorces that fall into the latter category take substantially longer to settle. What is an uncontested divorce? An uncontested divorce occurs when both spouses agree on…
After divorce, if one spouse makes significantly less money than the other, they are generally entitled to spousal support or maintenance. This type of maintenance is terminated once an ex-spouse remarries. The situation is less straightforward if an ex-spouse receiving maintenance cohabits with someone new. Read on to learn more…
Dealing with the divorce proceeding can be somewhat of a balancing act as you should have your own plan to protect yourself and your assets, yet you don’t want to be overly aggressive and turn the divorce into a long legal battle.The following are important steps you should take as part of the divorce planning process.
Did you know that divorces are at their highest in August? Are you able to salvage your marriage or is it just not possible given your situation? Here’s how to get through the summertime and divorce to make your transition a little smoother. Late summer can be great for enjoying vacations, barbecues, and seeing family…
As you go through the divorce proceeding and get used to your life after the divorce, follow these tips to make this transition easier for your children.
There has been a noticeable increase in divorce rate for couples over 50, or grey divorce in the U.S. If you are going through a grey divorce, it is important to consider the financial aspects of the separation. The following are important tips to review for couples going through grey divorce.
When a divorce occurs, the division of marital and financial assets is a necessary step in the divorce proceedings. Social Security benefits may come into play in certain jurisdictions when other assets are divided. Government employees can put money into their government pension plans without contributing to Social Security. This makes a percentage of their pensions a legitimate Social Security substitute that is considered a marital asset that can be divided in a divorce.
Divorce laws differ in every state. Some states are community property states, while others, like Illinois, are equitable division states. Under Illinois divorce laws, divorcees are not entitled to an even 50/50 split of marital assets. In most cases, a spouse is unlikely to receive half of everything. What is a community property state? In…
With all the stress, time, and effort that goes into the divorce proceeding, it is easy to overlook the effects of the divorce on the children. Children are vulnerable to stress from a divorce because they are witnessing the splitting of their family, often for reasons that they do not know or understand. The situation can be especially stressful if one parent engages in parental alienation.