Category Archives: Spousal Maintenance
Can Either Spouse Request Maintenance Under A Simplified Dissolution?
As a divorce attorney in Schaumburg, I frequently meet couples who wish to end their marriage quickly and efficiently, without incurring unnecessary expenses. Illinois law provides a process called a Simplified Dissolution of Marriage under 750 ILCS 5/452, which is designed for spouses who meet certain qualifications. It is sometimes referred to as a… Read More »
Spousal Support and Tax Implications
In Illinois, spousal maintenance payments or alimony can be deducted by the party that is responsible for paying them for tax purposes. Also, the receiving party can also count it as taxable income. These payments can be made non-taxable or non-deductible in the divorce settlement as well. What Does Not Come Under Spousal Maintenance… Read More »
Getting A Divorce After A Long Marriage and How it Affects Spousal Maintenance In Illinois
A bad marriage is like a bad investment. Rather than staying in one and trying to make it work, you should consider cutting your losses as soon as possible. The alternative is prolonged pain and suffering your family does not deserve. If you believe your marriage is headed towards a breakdown – despite spending… Read More »
Spousal Maintenance in a High Net Worth Divorce
Divorces are not something that couples anticipate, but sometimes it is necessary in order to end a dysfunctional relationship in a cordial and legal manner. There are multiple issues that are discussed and decided during the course of a divorce such as asset division and child custody. According to experienced divorce lawyers, one of… Read More »
Bankruptcy and Spousal Maintenance: What you Need to Know
Filing for bankruptcy is a major decision that significantly affects the financial affairs of the petitioner. Payment plans are drafted, the automatic stay is issued, creditors are informed of the bankruptcy status, and certain debts are eliminated altogether. However, if you are going through a divorce, you may be confused about what will happen… Read More »
Different Types of Spousal Support/Maintenance
Spousal support or maintenance is known as alimony in legal terms. The tenure and amount of spousal support greatly depend on the jury’s judgment regarding certain factors involved in the marriage and divorce. Some states, like Indiana and Texas, have well-defined spousal support laws. In these states, the support and maintenance is restricted to… Read More »