How Can I Avoid Paying High Taxes on Alimony?

Anyone in Chicago who gets divorced and is required to pay alimony—known as spousal maintenance or support under the Illinois Marriage and Dissolution of Marriage Act (IMDMA)—should know that they will have to pay taxes on that money. Under older tax laws, the party who received alimony payments would pay taxes on that money as if it were income, and the party making alimony payments would be able to deduct that amount before taxes. However, as you probably know, the[...]

Am I Entitled to Receive Spousal Support?

If you are thinking about filing for divorce or know that your spouse will be filing soon, you are likely thinking about the financial aspects of the divorce and whether spousal maintenance will come into play in your divorce case. In particular, when one of the spouses was the primary earner during the marriage, the other spouse likely is concerned about whether he or she will be eligible to receive spousal support. We want to say more about how the[...]

Reasons Why You Should Not Stay in a Bad Marriage

Are you thinking about divorce in Chicago, but routinely having second thoughts for reasons that are not necessarily helpful to your own well-being or happiness? There are many reasons that people remain in marriages that are difficult and even psychologically or physically harmful. Yet for many people, coming to the realization that it is possible to get divorced and to be happy despite having more limited resources ultimately makes the decision to file for divorce worth it. A recent article[...]

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[...]

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[...]