Changes to Illinois Spousal Maintenance Law in the New Year

Beginning on January 1, 2019, the way that spousal maintenance payments are taxed under federal law will change. This change is likely to have a significant financial impact for divorcing couples in Chicago and throughout the state of Illinois. Recognizing that the changes to the federal tax law under the Tax Cuts and Jobs Act (TCJA) will change the way that couples in Illinois are planning for divorce in terms of the financial effect, the state legislature amended the Illinois[...]

Some Grey Divorce Issues in Illinois

Partially because the marriage rate has declined, the divorce rate has dropped somewhat since 2000. The number of over-50 divorces, or grey divorces, has bucked this overall trend, however. This figure has doubled since 1990. Longer and more active lifespans may have something to do with the grey divorce phenomenon. Today, a 50-year-old person may expect to live another 30 years, and most of those years will be active ones. That is a long time to remain in a bad[...]

Five Important Property Division Factors in Illinois

When it comes to property division, the Prairie State is an equitable division jurisdiction. “Equitable” is not necessarily the same thing as “equal,” but there is a presumption that the divorce must not be an unfair financial burden for either party. So, to unequally divide property, a Cook County judge must be convinced that one or more of the following factors is an issue. Furthermore, the judge must also hear evidence that the proposed unequal division would not be unfair[...]

What is a Qualified Domestic Relations Order in Illinois Divorce Law?

Even if you are many years away from leaving the workforce, your retirement benefits may be an issue now if you are going through Illinois divorce. Often, these accounts are among the most valuable assets involved in a divorce, making them a highly contentious issue. Plus, the complicated structure, vesting rules, and other details make them one of the more difficult assets to divide fairly and equitably between divorcing spouses. You can rely on an experienced divorce and complex property[...]

Dividing Retirement Plans in Your Divorce

As you many know, when you file for divorce in Illinois, any marital property—both assets and debts acquired during the marriage—will be subject to division. Under the Illinois Marriage and Dissolution of Marriage Act (IMDMA), assets are divided according to a theory of equitable distribution. In other words, the court takes account of all marital assets and debts, and then it distributes them in a manner that it fair and just to both of the parties. Where do retirement accounts[...]