When Illinoisans get divorced, it causes ripples across each spouse's life. There are the ripples people expect, like resolving child custody and splitting the marital assets. And then there are the ripples that people often overlook, like the tax effects of paying alimony. Below are a few explanations on how alimony affects Illinoisans' federal tax returns.
For many Illinoisans going through a divorce, it can be easy to focus on the past. It can be easy to think about the happy first act and the less happy second act. But Illinoisans should not mire in the muck of what went wrong and how they were wronged. Instead, they should do the exact opposite -- they should have a laser focus on the future.
For many Illinoisans, getting divorced can feel a bit like drinking water from a fire hose. That is because divorce requires a multitude of important family law decisions. Who gets the children? What kind of rights should the non-custodial parent have? Should one spouse pay the other alimony? If so, how much? Making these choices properly requires thorough research and careful consideration.
Like marriage, divorce is a big decision that creates many more important choices such as the amount of alimony to be paid, property division and child custody, support and visitation. To address these important questions, Illinois residents may benefit from the following advice.
Divorce is a trying time for many Illinoisans as they face often-difficult family law decisions over alimony, child custody, child support and other issues. How contentious making those decisions may be is yet another choice Illinoisans should make during the early stages of a divorce.
Divorce triggers many family law issues for married couples in Illinois, such as alimony, child custody, child support and property division. Each of these issues highlights a theme, which is that divorce issues often boil down to money, children or both. Added to those issues might be a new one that melds money and children, which is fertility treatment.
In Illinois and elsewhere, social media has become a prominent way to interact with others. People use social networking services such as Facebook, Twitter, Instagram, LinkedIn and others to tell people what they are up to and to share their tragedies and triumphs. That sharing, however, may leave them vulnerable during a divorce.
For many Illinoisans, divorce is fraught with many emotions, one being fear; fear that they will not get a fair share of the property division, fear that they will end up with the "bad" assets, fear that they will have to make a substantial post-divorce lifestyle change. These fears are particularly salient for the so-called "out spouse," that is, the spouse less familiar with the couples' financial situation. But, like most fears, knowledge and preparation can do a lot to inoculate against the potential sting.
Getting divorced can be tough. The dissolution of a marriage can be a lengthy and taxing process. Add children into the mix and it can get messy and emotional as well.
A new study has shown that divorces among couples aged 50 and over dramatically increased between 1990 and 2010. In 1990, only 10 percent of all divorces were among people over 50. In 2010 that number had risen to 25 percent of all divorces. In contrast, the under-50 divorce rate grew only marginally.