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Tax Implications with Spousal Support

Spousal support, previously known as alimony, is a stream of payment that an individual is obligated to pay to their spouse after a separation or divorce. It is also termed as financial support, maintenance, or subsistence. No matter what terminology is used, spousal support has certain tax implications that need to be considered during a divorce. Hence, it is important to consult an experienced spousal support lawyer to ensure your tax returns are filed correctly. Tax Implications of Spousal Support The spouse who receives the alimony is liabl...

Commingled Property in a Divorce

Division of property and assets can be an extremely complex and difficult task during a divorce. It becomes even more complex when a commingled property is involved during the settlement negotiations as deciding who owns the property can be a huge issue, especially if spouses do not keep a detailed accounting record of their assets and transactions during their marriage. There are inherent complications attached with commingled properties, therefore, it is recommended that couples develop an understanding of their state’s law and regulations...

Will My In-Laws History of Child Abuse Be Factored into our Custody Agreement?

During divorce proceedings, child custody is an extremely important aspect that must require great consideration by the court. There are different federal and state laws that govern legal authority of parents to take a decision that may affect legal and physical custody of a child. These laws are in place to devise an effective legal structure for relationships between divorced parents and their children. In each case, the court considers “best interests of the child” their utmost priority when making their judgment. There are a number of f...

Property Division – What Exactly Can be Divided?

One of the primary aspects of a divorce is property division between spouses. If spouses cannot mutually agree on division of their property and debts during a divorce, the court may assume responsibility of dividing their assets under Illinois Marriage and Dissolution of Marriage Act. Many couples are unclear about laws pertaining to property division in case of separation, and rightfully so. There are two schemes when it comes to division of assets namely community property and equitable distribution. The former allows property acquired durin...

Is Uncontested Divorce A Better Option For Couples Seeking Separation?

Divorce can be a painstaking and difficult period of time for a couple. However, obtaining information pertaining to different approaches to divorce can allow them to make a better decision pertaining to their future. Due to the expenses associated with litigations, many spouses who are looking for a divorce opt for an uncontested divorce. What Is An Uncontested Divorce? An uncontested divorce refers to an arrangement where both spouses seek to terminate their marriage contract by arriving at a mutually acceptable agreement pertaining to the fi...

Equity Division in a Divorce

From child custody to alimony, there are many aspects that may require consideration when a couple is going through an overwhelming and emotionally distressing divorce. One of the critical parts of a divorce is division of marital equity under the Illinois Marriage and Dissolution of Marriage Act. However, it can be extremely challenging to determine fair value on fluctuating real estate market. How Does Property Division Work? The method of property division varies from one case to another. In some instances, spouses agree to sell their home a...

Divorce Tax Implications

Divorce can be an extremely depressing and crucial moment in one’s life. There are many emotional and financial factors that must be given consideration in order to complete a separation process. In these difficult circumstances, individuals most often overlook the tax implications of a divorce. Internal Revenue Service has devised a comprehensive guide on divorced individuals to help couples sort out their tax related concerns caused due to divorce. However, an abundance of tax rules can make it extremely challenging to comprehend these poli...

Business Division in a Divorce

Many businesspeople presume that they are the sole owners of their business and assets, however, the law may think otherwise in case of a divorce between couples. It is evident by a controversial divorce case in 2016, Rupert Murdoch paid her wife Anna Murdoch a gigantic amount of $1,700 million in divorce settlement. In most cases, assets of a couple including a business must be divided between spouses. Therefore, many business owners today are concerned about how a business will be divided in such a scenario. How does business division work? D...

What is the Impact of Prenuptial Agreements on Child Support?

Marriage is a beautiful institution which has existed over thousands of years in various forms, uniting two people in both body and spirit. Marriage ceremonies often involve declarations of eternal love and companionship. But unfortunately, not all marriages last forever. Keeping in mind the constantly increasing divorce rate, many couples tend to sign a prenuptial agreement. This agreement includes details regarding how the couple would handle their affairs, divide their assets in case they decide to part ways and file for divorce. But there a...

What is a Contested Divorce?

Dealing with a divorce is not an easy task as it takes a heavy toll on the couple and their families. However, you may be faced with this unfortunate situation, so it is best to deal with it in a logical and rational manner.  In a no-fault state such as Illinois, the law does not require you to prove that their spouse was involved in a wrongdoing in order to file a divorce. Simply stating that there were irreconcilable disagreements in the court can make them eligible to get a divorce. What is a Contested Divorce? A contested divorce is a proc...

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