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Subscribe to this list via RSS Blog posts tagged in alimony

b2ap3_thumbnail_DuPage-County-alimony-attorneys.jpgWhile alimony awards during divorce are less frequent than they once were, there are times that it is still warranted. The following information explains how you can determine if you might be entitled to support (or required to pay it). You shall also learn how support is calculated during an Illinois divorce, and why legal assistance is recommended for those dealing with alimony issues.

When Alimony May Be Owed

Many situations may lead to a ruling for alimony, but most share a common thread: one spouse is financially disadvantaged. This disadvantage could be caused by a lack of education, job experience, training, health issues, or an extended period outside of the workforce. It can also mean more than an inability to support one’s self; it might also apply if one party has become accustomed to a particular lifestyle during the marriage but is unable to maintain it on their own. The latter is typically seen in high net worth divorces, but the former may occur during any divorce case.

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DuPage County divorce lawyersNot all divorces include alimony (also known as spousal support), but some do. Unfortunately, not every divorcee is prepared for the tax implications of such a provision, and they may be ill-advised by unreliable sources. If you are filing for divorce expect to pay or receive alimony, the following can help you better understand your potential tax obligations. It also provides some key information on how to ensure your best interests are preserved during a divorce with a possible alimony award.

Tax Deductions and Paid Alimony

When the courts award alimony, the paying spouse is often allowed to claim these payments on their taxes. There are some stipulations, however. The Internal Revenue states that you must be able to provide a divorce or separation instrument that states the amount you are ordered to pay. This can come in the form of an official divorce decree or separate maintenance, a written separation agreement, or any other form of decree stating that alimony has been awarded. It is also important to note that the document does not have to be considered valid to claim spousal support on your taxes, but it may be considered void if a court has deemed it invalid. Further, you do not have to itemize your deductions to claim a deduction for alimony paid.

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gray divorce in Illinois, DuPage divorce lawyersDivorce in the later years of life – often referred to as "gray divorce" – is becoming more common, especially now that people are living longer, working longer, and physically active longer. In fact, one in four Americans over the age of 50 are going through a divorce, which is double the rate from 1990. Unfortunately, this also comes with some drawbacks, particularly in the financial area. Know what your risks are and how you may be able to prepare effectively before filing.

Marital Assets in Gray Divorce

Just like in all divorces, marital assets are divided among those divorcing later in life. For example, pension money, such as IRAs and 401Ks earned during a divorce, are usually split. This can ultimately delay retirement, especially if alimony is an issue. In contrast, if the divorcing couple has already retired, this can create a massive shift, possibly to the point of completely altering the lifestyle of one or both parties.

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Chicago family law attorney, Mevorah Law Offices LLC, new guidelines for spousal maintenance, alimony, spousal maintenance, divorcing couple, Illinois spousal maintenanceSpousal maintenance is often one of the most contentious issues during divorce. Often referred to as “alimony,” this payment of support from one spouse to another has come under criticism in recent years. As a result, some legislatures across the country have revised the legal aspects of maintenance in an effort to provide more structure to when and how it is awarded.

Traditionally, in most jurisdictions around the country, it has been left to the judge’s discretion about whether spousal maintenance should be applied in any given case. After various factors are considered, the judge may decide upon a maintenance award that he or she believes would best support the designated spouse.

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cohabitation, spousal support, alimony, Illinois divorce attorney, marriage, divorceWith nearly 50 percent of marriages ending in divorce, the concept of spousal support is commonplace in today’s society. This is equitable relief for those spouses who may not have contributed much financially, but certainly contributed by supporting the working spouse, whether that means raising children or keeping up with regular household duties.

While spousal support was created so that one spouse can maintain their same quality of life, allow for rehabilitation and educational expenses, or simply allow one spouse to get back on their feet after divorce, the reasons for spousal support are just and fair. Generally, these individuals find new relationships and move on, eventually getting re-married to new people, at which time spousal support, unless otherwise agreed to by the giving party, ceases under Illinois law.

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